Change rarely announces itself politely. It shifts quietly, until one day what once felt familiar no longer works. In South Africa’s payments landscape, that moment has arrived.

Last week, as the Pasa International Payments Conference (PIPC) 2025 concluded in Sandton, I reflected on what I had just experienced and compared it to my recent observations at the Global Fintech Fest (GFF) in Mumbai. The contrast was striking – GFF drew more than 100 000 attendees, representing over 7 500 companies and 500 investors; with deals exceeding US$3-billion. It wasn’t just a conference; it was a live demonstration of how policy, innovation and investment can converge at scale to redefine a nation’s financial future.

Two worlds which hold two realities: one, a dynamic local gathering of bankers, fintechs, regulators and innovators focused on shaping South Africa’s payments future; the other, a nation that has already surged ahead – where policy, infrastructure and innovation have converged to redefine what’s possible.

Yet beneath both events, one truth emerged: the payments landscape is transforming faster than ever. Those unwilling to adapt risk becoming irrelevant. This is our “who moved my cheese?” moment.

In Mumbai, the story was one of rapid acceleration. In less than a decade, India’s UPI has revolutionised inclusion and interoperability, connecting over 400 million users and processing more than 12 billion transactions a month. What began as an infrastructure project has become a social and economic enabler for every citizen, from the smallest vendor to the largest retailer.

At GFF, I saw fintechs deploying innovation daily from biometric authentication to loyalty programmes built on real-time rails to frictionless cross-border payments, all powered by shared, open infrastructure. Banks didn’t lose their relevance; they expanded it by embracing platforms and partnerships rather than resisting them.

Lesson is clear

Contrast this with PIPC in Sandton, where the tone was more measured. There’s recognition of the potential in real-time payments, data sharing, collaborative fraud solutions and product parity, but also a quiet hesitation to let go of legacy models that once defined success. It’s understandable. South Africa’s financial system has long been among the most advanced globally. But the rails and governance structures that served us well are no longer sufficient for an inclusive payment ecosystem and a generation living, working and transacting in real time.

Let me be clear: we’re not in a crisis. But we are at the point of inflection where courage, collaboration and creativity can unlock the next chapter of South Africa’s payments story.

The global lesson is clear: economies transform when interoperability is paired with ambition.

Read: PayInc emerges as South Africa’s national payments utility

India’s UPI, Brazil’s PIX, Malaysia’s PayNet and Singapore’s PayNow are not merely payment systems; they are catalysts for inclusive growth. Their success lies in collaboration: banks, fintechs and regulators co-creating shared infrastructure, open APIs and enabling frameworks. The result:

India’s UPI now represents nearly 90% of all retail digital payments, adding billions to GDP growth
Brazil’s PIX has reached over 80% of the adult population
Singapore’s PayNow enables instant peer-to-peer and cross-border payments between consumers and SMEs

Looking closer to home, Egypt offers another powerful example from the continent. Over the past five years, the Central Bank of Egypt has accelerated its National Payment Council agenda, driving interoperability through Meeza Egypt: its national payment scheme, its Instant Payment Network (IPN) which enables 24/7, real-time fund transfers between participating Egyptian banks and mobile wallet ecosystem which now connects over 50 million accounts.

Aligning

By aligning banks, fintechs and government under a single inclusion mandate, Egypt has rapidly shifted from a cash-heavy to a digitally active economy. Its success shows what can happen when national infrastructure, regulatory clarity and innovation converge, proving that Africa’s payments transformation is not a distant vision but a present reality.

The author, PayInc's Israel Skosana — The author, PayInc’s Israel Skosana

Here at home, PayShap has made a strong start crossing 45 million monthly transactions, to a value of R43-billion and over 5.1 million ShapId users. But that is only the beginning. The question is whether we, as an ecosystem, will build on that momentum and move with intent.

When everyone can plug in safely, instantly and affordably, consumers spend more, retailers grow faster and the entire economy becomes more efficient.

The next leap in South Africa’s payments evolution won’t come from technology alone – it will come from connection. Real progress happens when banks, fintechs, telcos and retailers stop competing for control and start building together.

Shared, interoperable rails can unlock growth at every level of the economy: faster, cheaper access to money for consumers; lower costs and instant settlement for retailers; and new visibility and credit access for SMMEs. When payments move efficiently, commerce follows and every rand saved on friction becomes fuel for economic growth.

The goal isn’t disruption, it’s redesign – a system where innovation scales, inclusion deepens and the country moves forward together.

The discussions at PIPC 2025 underscored a simple truth: while our cheese has moved, it hasn’t disappeared. It has shifted to where collaboration, interoperability, and inclusion thrive.

At GFF, I saw what happens when a country commits to scale and purpose. At PIPC, I witnessed the hunger and capability for South Africa to do the same.

TCS | PayInc CEO Stephen Linnell on South Africa’s payments revolution

Now is the time for every stakeholder — banks, regulators, fintechs and infrastructure providers — to step forward, move beyond hesitation and seize the opportunity to build a payments ecosystem that works for all. Because the future of payments will not wait. And the cheese isn’t moving back. Let’s move with it.