Mastercard introduces accelerated payments in South Africa, partners with ACIW

Mastercard (NYSE:MA) will introduce immediate card payments in South Africa, the first market the service will be available in, the company said on Tuesday.

“Through product innovations, enhancements to its network and strategic partnerships, Mastercard will enable acquiring banks to process real-time card payments,” the company said in a statement.

Enhancements and new standards will enable same-day payouts for South African merchants through the introduction of real-time clearing and more frequent settlement cycles.

Mastercard (MA) is partnering with ACI Worldwide (NASDAQ:ACIW) in its efforts to speed up card payments.

All merchants in South Africa who accept the Mastercard (MA) payments will receive faster payouts, enhancing their cash flow management. In the future, the company all enable issuing banks in South Africa, and around the world, to process real-time card payments.

The initiative meshes with the South African Reserve Bank’s National Payment System Strategy Vision 2025, which seeks to evolve payment systems to meet the needs of people and businesses to drive financial inclusion, the company noted.

Mastercard (MA) stock rose 0.8% and ACI Worldwide (ACIW) stock increased 0.7% in Tuesday afternoon trading.

The company is also exploring other regions to bring immediate, secure payments to more consumers and businesses worldwide.