Payments Association of South Africa

What Payments Association of South Africa does

PASA is a non-profit, member-based self-regulatory organisation (SRO) founded in 1996 and formally recognised by the South African Reserve Bank (SARB) in 1999 as the country's sole Payment System Management Body (PSMB) under the National Payment System Act of 1998. It organises, manages, and regulates the participation of its members — comprising the major South African banks (ABSA, Standard Bank, Nedbank, FirstRand, Capitec, Grindrod Bank, African Bank) and non-bank payment service providers, fintechs, and clearing-house operators — in the National Payment System (NPS), delivering governance frameworks, binding rules, and legal agreements that ensure the safety, stability, and efficiency of clearing and settlement.

Its operational outputs include technical standards and infrastructure products such as the world's first truly interoperable biometric specification for payment cards (co-developed with Mastercard and Visa and submitted to EMVCo), the DebiCheck authenticated electronic debit order system launched in 2017, and the PayShap real-time payment platform (live since March 2023) under the Rapid Payment Platform modernisation programme. PASA also runs the PASA Academy (four-tier certificate programme), the biennial PIPC international conference (780+ delegates and 70 speakers in 2025), annual Industry Awards, and extensive research and modernisation programmes executed with partners including BankservAfrica/PayInc, SARB, Lipis Advisors, IQ Business Group, and PwC. It led South Africa to become the first African country to migrate to the ISO 20022 messaging standard in 2022 and coordinated the discontinuation of cheques by end of 2020.

Revenue is generated through annual membership fees from banks and non-bank payment service providers, ticket sales for PIPC conferences, and external participant fees for PASA Academy programmes. Members' employees attend the Academy at no cost. As of 2025, PASA is operating through a managed wind-down directed by SARB, with all PSMB functions transferring to PayInc (formerly BankservAfrica) under a co-ownership model in which SARB will hold 50% equity; the organisation is repositioning its brand toward a Payments Industry Body focused on convening, training, and advocacy.

Name

Payments Association of South Africa

Legal name

Payments Association of South Africa

Website

https://pasa.org.za

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

11–50 employees

Short description

PASA is the South African Reserve Bank's recognised Payment System Management Body, governing banks and non-bank payment service providers in the National Payment System through rules, standards, and frameworks, and is being wound down in 2026 with functions transferred to PayInc.

Ownership category

akta.pro rank

Headquarters

HQ city

Johannesburg

HQ country

South Africa

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Technology or R&D, Infrastructure

Pricing tiers

Distribution channels3 records

Marketing channels10 records

Core offering

PASA is the self-regulatory Payment System Management Body (PSMB) recognised by the South African Reserve Bank, organising, managing and regulating its members' participation in the National Payment System through rules, agreements, and legal frameworks. It delivers this governance alongside technical standards (Interoperable Biometric Specification, PayShap, DebiCheck, ISO 20022), industry capacity-building via PASA Academy, and convening platforms such as the PIPC conference and Industry Awards.

Product overview

PASA operates as a unified regulatory and industry coordination body rather than a platform-plus-modules architecture. The organization provides the National Payment System framework and governance through multiple integrated offerings: the PayShap instant payment platform and DebiCheck authenticated debit order system for payment processing; PASA Academy for professional education and capacity building; PIPC conference and Industry Awards for industry engagement and recognition; technical standards like the interoperable biometric specification; and advisory services including EMV fleet migration support. All offerings fall under the umbrella of PASA's mandate as the SARB-recognized Payment System Management Body.

Differentiator

Problem solved

Functional benefit

Products and services

• Payments Association of South Africa (PASA) Membership and PSMB Governance Self-regulatory membership body recognised by SARB as the PSMB, organising, managing and regulating Members' activities within the National Payment System through rules, agreements and a legal framework. Available to banks and non-bank payment service providers on an annual membership basis.
• PayShap Real-Time Payment Platform Real-time instant payment scheme enabling immediate money transfers, QR code payments, and digital vouchers through digital payment wallets; designed as the first key function under the Rapid Payment Platform (RPP) and used by banks, payment service providers and end consumers in South Africa.
• DebiCheck Authenticated Debit Order System Authenticated debit order system where consumers must electronically confirm debit order information with their bank on a once-off basis. The consumer's bank captures and validates the debit order information before processing, giving consumers control and awareness of which debit orders are processed to their account and combating unauthorised debit order collections.
• Interoperable Biometric Specification for Payment Cards Standardised open, interoperable specification to facilitate biometric authentication on payment cards, co-developed in partnership with Mastercard and Visa. Supports fingerprint, palm, voice, iris, or facial biometrics, allowing all participating South African financial institutions to accept biometric payment cards on a common framework.
• PASA Academy Training Programmes Professional training programmes covering payments foundations, electronic payments, and high-value payments; delivered via e-learning and classroom formats for member-organisation employees and external participants to build payments-industry capacity in South Africa.
• PASA International Payments Conference (PIPC) Biennial international conference bringing together South African and global payments-industry stakeholders for presentations, panel discussions and networking on payments innovation, regulation, cybersecurity, risk management and financial crime. Ticketed event with options for individuals and groups.
• PASA Industry Awards Annual awards event recognising and celebrating contributions made by PASA Members to the South African payments industry, with nominations reviewed by the Executive Committee and key Management Committee members.
• EMV Fleet Migration Advisory Industry advisory resources and guidance provided by PASA to support members migrating their payment card infrastructure to EMV chip technology standards.

Quantifiable outcome

• South Africa is the first country in Africa to migrate to the ISO 20022 standard, enabling a common language for payments data globally
• +3 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• MastercardcoreTechnology or IntegrationPASA collaborated with Mastercard and Visa to create the world's first truly interoperable biometric specification for payment cards. Working in partnership, this technology framework ensures open interoperable solutions enabling fingerprint, palm, voice, iris, or facial biometrics across all South African financial institutions. The specification was presented to EMVCo for global adoption as a standard.
• VisacoreTechnology or IntegrationPASA collaborated with Visa and Mastercard to create the world's first truly interoperable biometric specification for payment cards. Visa's Country Manager noted that the specification provides a common, interoperable foundation encouraging innovation in cutting-edge biometric solutions.
• BankservAfricacoreStrategic or Co-development PartnerPASA and BankservAfrica partnered on extensive modernisation research (2017) to inform the industry project for modernising South Africa's low-value payments infrastructure. BankservAfrica has been a key collaborator in payment system research, study tours (India, Thailand, China, Singapore - 2019), and the transition of PASA's functions. BankservAfrica, rebranded as PayInc, will become the scheme operator under co-ownership with SARB holding 50% equity.
• South African Reserve Bank (SARB)coreOthersSARB is the primary regulator that formally recognises PASA as the Payment System Management Body (PSMB) under the National Payment System Act of 1998. PASA collaborates closely with SARB to regulate and manage clearing and settlement systems, ensuring the safety, stability, and efficiency of the NPS. SARB has issued a formal directive for PASA's wind-down, with PayInc (formerly BankservAfrica) taking over under a co-ownership model where SARB holds 50% equity.
• Lipis AdvisorsminorStrategic or Co-development PartnerGlobal research house partnered with PASA and BankservAfrica to conduct the 2017 modernisation research. Lipis Advisors drew on interviews and data from 10 countries to inform the industry project to modernise South Africa's low-value payments infrastructure.
• IQ Business GroupminorStrategic or Co-development PartnerLocal partner partnered with PASA and BankservAfrica for the 2017 modernisation research to inform South Africa's low-value payments infrastructure modernisation project.
• PwCminorStrategic or Co-development PartnerPwC assisted PASA and BankservAfrica in designing a 2019 study tour to India, Thailand, China, and Singapore to understand how these countries approached and implemented advanced real-time payments infrastructure and ecosystems.
• PayShapcoreTechnology or IntegrationPayShap is the first key function of the Rapid Payment Platform (RPP), a modern real-time payments infrastructure developed under PASA's modernisation initiative. PayShap enables instant payments, QR code payments, and digital vouchers. Featured in media coverage on Newzroom Afrika.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• UK Finance: UK industry body representing the banking and finance sector, including payments policy, standards, and fraud prevention (e.g., Authorised Push Payment scams). Comparable to PASA's convening, standards, and consumer-protection mandate across a national payments ecosystem.
• Payments Canada: Canada's national payments association, responsible for operating and governing the country's payment systems (Lynx, Interac e-Transfer) and setting rules for participants. Closely comparable to PASA as a national non-profit payments system governance body that coordinates banks, fintechs, and the central bank.
• AusPayNet (Australian Payments Network): Australia's self-regulatory payments industry body that sets rules and operates infrastructure for the Australian payments ecosystem. Directly comparable to PASA in role, industry-funded model, and statutory recognition as a payments system management body.
• The Clearing House Payments Company: US private-sector payments company owned by major banks that operates real-time payment (RTP) and cheque clearing infrastructure. Comparable to PASA/BankservAfrica as a bank-owned payments infrastructure operator with scheme governance responsibilities.
• Nacha (formerly NACHA): US not-for-profit association that governs the ACH network and develops payment rules, standards, and innovation programs. Comparable to PASA as a member-driven, rule-setting payments governance body with a US/regional scope, although ACH-focused.

Broad incumbents

• Bank of England – Real-Time Gross Settlement (CHAPS) and New Payment Architecture: Operates CHAPS and is developing a New Payment Architecture for the UK. Comparable to PASA/SARB in delivering ISO 20022 migration, real-time high-value payments modernisation, and central-bank-led payment system reform.
• Reserve Bank of India – Department of Payment and Settlement Systems: RBI's payments and settlement division operates and regulates India's retail and wholesale payment systems, including UPI, IMPS, and RTGS. Comparable to SARB/PASA in driving ISO 20022, real-time payments, and biometric authentication (Aadhaar-enabled payments) at national scale.
• Federal Reserve Financial Services: Operates the US Fed's wholesale and retail payment services, including FedNow (instant payments) and FedACH. Comparable to PASA's role in real-time payment scheme governance and oversight, but as a central-bank-operated incumbent rather than a member SRO.

Regional players

• Monetary Authority of Singapore – Payment Services: Singapore's central bank that regulates payment services, oversees PayNow (real-time payments) and the Singapore Quick Response Code (SGQR). Comparable to PASA/SARB in driving interoperable QR and real-time payment standards, although MAS is a unified regulator in a more developed market.

Emerging players

• European Payments Initiative (EPI): Pan-European payments scheme backed by major European banks to deliver a unified card and instant payment solution. Comparable to PASA's PayShap/RPP push for an interoperable, scheme-managed retail payment network, though EPI is a multi-country scheme rather than a single-country SRO.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@PaymentsAssociationSouthAfrica/videos
• Facebookfacebook.com/331389576892625
• LinkedInlinkedin.com/company/payments-sa
• Instagraminstagram.com/the_pasa_
• Xx.com/pasa__za

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Payments Association of South Africa