•  Whether cross-border transactions can also happen on mobiles in future? The payment system players would have to gear up to accommodate and leverage upon such possibilities going ahead. Regulatory challenges 17. The innovations in the payment system space and introduction of new products are already posing challenges for the regulators and these challenges are likely to intensify going forward.
But, as I shall argue, the message from the yield curve is not unambiguous in this respect. I shall discuss the issue in general terms first, before mentioning recent developments in the South African capital market and the issues raised by some of the local investment analysts.