Payments Association of South Africa

Definition

The Payments Association of South Africa (PASA) is an organisation established to facilitate safe, efficient, and reliable payment systems in South Africa. 

What is the Payments Association of South Africa?

Payments Association of South Africa’s primary purpose is to coordinate and oversee the functioning of payment systems within South Africa, ensuring their safety, efficiency, and integrity. PASA operates under the oversight of the South African Reserve Bank (SARB) to ensure compliance with relevant regulations and standards governing payment systems.

PASA plays a key role in facilitating various payment systems and services, including electronic funds transfers (EFT), card payments, and real-time gross settlement (RTGS) systems. It establishes rules, standards, and procedures to govern payment systems and promote interoperability among different payment service providers.

PASA operates through various committees and working groups dedicated to specific aspects of payment systems, such as risk management, security, and innovation. It collaborates with stakeholders from the public and private sectors to address emerging challenges, increase the resilience of payment systems, and promote innovation and best practices in the industry.

Additionally, PASA promotes innovation and the adoption of new technologies in payment systems to enhance convenience, security, and accessibility for consumers and businesses. It facilitates the development and implementation of new payment solutions, such as mobile payments, digital wallets, and instant payment systems, to meet the evolving needs of the market.