Kganyago urges more digital payments and plans QR+ code standard
The Reserve Bank governor told a payment conference on Tuesday that the bank will pilot a QR+ code standard in the first quarter of 2027. It also plans a single digital ID for payments and aims to publish a non-bank framework by end November.
Lesetja Kganyago opened the conference, hosted by the South African Reserve Bank, with a keynote address. He said new fintechs and non-banks are positive for competition. He said they will drive innovation and reduce costs, although regulation has to keep up.
Kganyago said high payment costs or unreliable payment systems slow an economy as much as failures in electricity, rail and ports. He cited a recent study that put cash at about 56% of all consumer transactions by volume. The study put the economic cost of cash use at R88.5bn a year.
PayShap has handled over 1-billion transactions worth over R1-trillion since 2023. Last year its transactions equalled about 6% of card transaction volumes. They were also less than 40% of EFT credit volumes. Kganyago called the number of transactions "not really a big number".
He said a national instant-payment service cannot feel like a different product depending on where a customer banks. On the QR+ standard, he said merchant acceptance is critical to the adoption of digital payments.
Key facts
- Who
- Lesetja Kganyago (Reserve Bank governor); South African Reserve Bank (central bank hosting the payment conference)
- What
- Kganyago said non-bank entrants are positive for competition, pushed digital payments as an alternative to cash, and outlined PayShap improvements, the QR+ standard (pilot in Q1 2027) and a single digital ID for payments. The Reserve Bank aims to publish its proposed non-bank framework by end November.
- When
- 20 October 2026
- Where
- South Africa, Pretoria
- Status
- Reported