2 3 4  https://coinmarketcap.com/charts/ www.coinbase.com http://www.fatf-gafi.org/media/fatf/documents/reports/Virtual-currency-key-definitions-and-potential-aml-cftrisks.pdf  Page 4 of 11  Payments  The second set of innovations that affects financial services is the transfer of value undertaken through the effecting of payments. Due to its nature, the payment environment lends itself to being a ‘natural testing environment’ to allow for developmental innovations such as FinTech.
Attention has been drawn to innovations such as SamsungPay or ApplePay, which have created the ability of paying with your mobile device, using your smartphone as a point-of-sale device5. A preliminary analysis conducted by the South African Reserve Bank (SARB) reveals that these innovations leverage existing payments infrastructure and that these new firms integrate themselves into existing value chains.