South African Reserve Bank Act, 1989 (Act No. 90 of 1989)NoticesDirective for conduct within the national payment system in respect of domestic card transactions5. Directive |
| 5.1 | All card issuing, acquiring and acceptance services of a domestic card transaction must adhere to the South African legislation, PCH agreements, clearing and settlement rules. |
| 5.2 | The issuer of a domestic card must be a domestic clearing system participant, and must adhere to South African legislation, PCH agreements, clearing and settlement rules. No foreign card issuer may issue a domestic card used for domestic card transactions unless it is a domestic clearing system participant. |
| 5.3 | Domestic card transactions must be acquired by a domestic card acquirer, and must adhere to South African legislation, PCH agreements, clearing and settlement rules. No foreign acquirer may acquire domestic card transactions or provide domestic merchants’ acquiring services. |
| 5.4 | The PSMB must assist the SARB in monitoring adherence to this directive, and report non-adherence to the SARB. |