Successful implementation of the national payment’s strategy of South Africa by the Payments Association of South Africa

Abstract

The national payments system is critical to South Africa and is an important component of ensuring financial stability in South Africa’s financial systems. The Payments Association of South Africa (PASA) is a body that facilitates engagement of the payments industry with the South African Reserve Bank in ensuring that the national payment system in maintained and enhanced periodically. This study explores the possible improvements that PASA could make to the implementation of the payments strategy in South Africa. Strategy formation, with its components of strategic formulation and strategic implementation is the area that is investigated. Concepts that are closely connected to strategy formation such as dynamic capabilities and strategic consensus are also investigated. The study was conducted using the principles of qualitative research design. Interviews were conducted in this study with individuals that represent the senior management of various key organisations in the national payment industry. The findings and recommendations of the study present an adapted layered conceptual framework with components that can assist PASA to improve the implementation of the payments strategy in South Africa.