South African Reserve Bank Act, 1989 (Act No. 90 of 1989)

Notices

Directive for conduct within the national payment system in respect of domestic card transactions

4. Position of the SARB
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4.1 The SARB is supportive of innovation within the NPS that improve efficiencies and facilitate transactions between buyers and sellers. However, the innovative solutions offered should not impede the safety or efficiency of the NPS or its participants, or impact negatively on the stability of the financial system.

 

4.2 Any entity that provides or offers card issuing, acquiring and acceptance services used to effect the payment of domestic card transactions, referred to as the "card issuer" and the "card acquirer" respectively, falls within the NPS regulatory ambit. Such services must only be provided by an entity that is a participant in the clearing system and is a member of the PSMB.