Although it is still in its infancy on the African continent, the volume of transactions undertaken by means of debit and credit cards have increased significantly and there are signs appearing in South Africa that this means of payment may overtake cash payments in the near future. In some African countries mobile banking facilities have come into use.
This demands increased security measures and higher standards. South Africa has put considerable effort into the revision of national payment, clearing and settlement systems. Reforming the national payment system started to receive attention in 1993. By 1995 a plan had been finalised containing the objectives, strategies, fundamental principles and critical issues for payment system reform.