PayInc CEO Stephen Linnell on South Africa's payments revolution

South Africa’s payments ecosystem is evolving at a rapid pace. PayInc – previously BankservAfrica – sits at the core of the country’s payments infrastructure. As the builder and manager of the PayShap instant payment rails, PayInc is central to the Reserve Bank’s plans to drive digital inclusion through payment modernisation. In this episode of the TechCentral Show, Stephen Linnell, CEO of PayInc, tells TechCentral’s Nkosinathi Ndlovu about the strategy behind the rebrand to PayInc and how that fits into the utility’s vision of the payments ecosystem in South Africa and the broader Southern Africa region. Linnell delves into: • PayInc’s new ownership structure with the Reserve Bank taking over 50% ownership from the private banks; • How the Reserve Bank’s participation will help PayInc achieve its goals; • An assessment of PayShap since its 2023 launch and what comes next; • What the proposed inclusion of non-bank players including fintechs, retailers and telecommunications operators in the national payments and settlements system means for the economy; • The efforts PayInc is making to implement instant payments at a regional level; and • Emerging payment technologies like central bank digital currencies and stablecoins. Don’t miss this informative discussion.