The evolution of payments in South Africa: From cash to crypto

South Africa’s payment landscape has transformed dramatically over the past three decades—from a cash-dominated economy to one of Africa’s most digitally advanced financial systems. Today, as fintech innovation accelerates and digital currencies become mainstream, the next frontier of payments is being shaped not only by banks but also by technology leaders, blockchain innovators, and empowered consumers. At Binance, we see this evolution as more than just new ways to pay - it represents a fundamental shift toward financial freedom, inclusion, and efficiency.

For much of the 20th century, South Africans relied heavily on cash and cheques. The banking sector was formal yet exclusive, accessible mainly to urban populations. The 1990s and early 2000s marked the beginning of electronic payments. The South African Reserve Bank’s National Payment System reform and the rollout of the SAMOS (South African Multiple Option Settlement) platform modernised interbank transfers – enabling high-value transactions aligned with global best practices. Debit and credit cards became the norm, and internet banking gave rise to an early wave of digital convenience. This infrastructure laid the foundation for everything that followed: the fintech revolution.

The 2010s ushered in a new era of local innovation. Fintech pioneers such as Yoco, SnapScan, Zapper, and Ozow introduced mobile and QR-based payments, while banks evolved to meet the expectations of a new digital consumer. Financial inclusion became a national priority. With the rise of smartphones, millions of South Africans began transacting digitally for the first time: from paying bills to sending remittances. The launch of PayShap in 2023, South Africa’s real-time payments network, symbolised a national commitment to interoperability and instant money movement. It marked a milestone in making payments faster, safer, and more accessible for everyone.

Now, the world is entering the next chapter in the evolution of money - one where payments are not digital, but decentralised. At Binance, we see blockchain-based payments as the natural evolution of South Africa’s financial journey. Just as the internet transformed communication, crypto is transforming the way value moves across borders, communities, and industries.

Binance Pay is already proving this shift. Since 2021, it has processed over $230 billion in payments globally, with more than 40 million users tapping into crypto for everyday purchases. In South Africa, this technology is being adopted by a growing ecosystem of merchants, from small businesses to major retail networks, allowing consumers to pay with crypto for everyday goods and services. Today, South Africans can transact via Binance Pay at more than 31,000 merchants, demonstrating both merchant readiness and consumer choice. Globally, Binance Pay has surpassed 20 million merchants, representing a 1 700× surge in just 10 months.

This innovation not only introduces flexibility but also strengthens financial resilience in an increasingly digital global economy. South Africa’s payment transformation has always been about inclusion. Today, crypto and blockchain technologies extend that promise further - giving individuals the tools to control their own money, participate in global markets, and transact without traditional barriers. By combining regulatory collaboration with responsible innovation, Binance is helping shape a future where payments are instant, borderless and inclusive. Our vision aligns with South Africa’s digital transformation agenda: to create an economy that’s open, accessible, and ready for the next generation of financial technology.

From cash and cards to instant and crypto payments, South Africa’s journey shows that progress is powered by innovation and trust. As Binance continues to invest in local partnerships, merchant integrations and education initiatives, we remain committed to empowering South Africans to participate fully in the digital economy: safely, securely and confidently. Because the future of payments isn’t just about transactions- it’s about freedom, collaboration, inclusion, and evolution.

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Author: Yande Nomvete, Binance