Wayne Steppe: Why payments are becoming faster, smarter and more accessible in South Africa

In this episode of the Tech Aways Podcast, we sit down with Wayne Steppe, Enterprise Architect at Ecentric Payment Systems, to unpack the evolution of South Africa’s payments ecosystem and explore where the industry is headed next.

Ecentric operates behind the scenes of many of the country’s largest retailers, providing the infrastructure that enables millions of card transactions to be processed every day. From card terminals and acquiring banks to payment switches and settlement systems, Wayne offers a rare look into the complex network that powers modern commerce.

The conversation begins with a breakdown of how a typical card transaction works and the role Ecentric plays in connecting merchants, banks and payment networks. Wayne explains how payment switches help retailers route transactions between multiple acquiring banks, improving reliability and reducing dependence on a single provider.

Reflecting on the last decade, Wayne identifies COVID-19 as a major catalyst for change in the payments landscape. The pandemic accelerated the adoption of contactless payments, tap-to-pay functionality and digital wallets such as Apple Pay, Google Pay and Samsung Pay. At the same time, QR-code-based payment solutions like SnapScan and Zapper gained traction, particularly among small businesses looking for affordable ways to accept digital payments.

The discussion also examines the role fintech startups have played in expanding payment acceptance across South Africa. Companies such as Yoco and iKhokha have lowered the barriers for small merchants to accept card payments, helping drive financial inclusion and digital commerce beyond traditional retail environments. According to Wayne, these innovations have made it easier for entrepreneurs, informal traders and small businesses to participate in the digital economy.

Looking beyond South Africa, Wayne highlights the diversity of payment ecosystems across Africa. While South Africa has built a sophisticated card-based infrastructure, other markets have followed very different paths. Kenya’s mobile-money-led ecosystem, Ethiopia’s bank-specific terminal model and Nigeria’s tightly regulated payments framework demonstrate that there is no single blueprint for digital payments on the continent. These differences underscore the importance of building payment solutions that reflect local consumer behaviour and regulatory realities.

A significant portion of the conversation focuses on regulation and the transformation currently underway in South Africa’s payments industry. Wayne discusses the South African Reserve Bank’s efforts to modernise the country’s payment infrastructure through initiatives such as PayShap and the broader Payments Ecosystem Modernisation programme. These reforms aim to make payments faster, more affordable and more accessible while reducing reliance on international card schemes.

The episode also explores the growing conversation around open banking. While South Africa does not yet have formal open banking regulations comparable to those in Europe, Wayne believes the sector is moving in that direction. Increased competition from digital-first banks and new entrants has already begun reshaping the banking landscape and creating opportunities for innovation.

When discussing the future of payments, artificial intelligence emerges as a major theme. Ecentric already uses AI to support software development and analyse transaction data for operational insights. Looking ahead, Wayne believes one of the most significant developments will be the rise of agentic payments, where AI assistants will be authorised to complete purchases on behalf of consumers. This could fundamentally change how people interact with commerce, allowing AI agents to research, select and pay for products and services within predefined limits set by users.

Cross-border payments are another area of focus. Wayne explains how initiatives such as Transactions Cleared on an Instant Basis (TCIB) are attempting to make payments between African countries faster and cheaper. While the technology already exists, broader adoption remains constrained by regulatory coordination and differing national priorities. Nevertheless, solving cross-border payments will be critical to unlocking the full potential of intra-African trade and the African Continental Free Trade Area.

Looking ahead, Wayne sees PayShap as one of the biggest opportunities in South Africa’s payments sector. He is also particularly excited about mobile phone-based acceptance technology, which allows merchants to accept card payments directly on a smartphone without requiring dedicated hardware. Ecentric’s own focus over the coming years will be expanding its presence among mid-sized retailers and strengthening integrations between payment infrastructure and point-of-sale systems through its POSPAY initiative.

Whether you’re a fintech founder, retailer, investor or simply curious about how digital payments work, this episode offers valuable insights into the infrastructure, regulation and innovation shaping the future of commerce in South Africa and across the continent.