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South Africa Seeks Innovative Solutions to Payments Systems

How to bridge the divide and bring FinTech technology and a new infrastructure of POS systems to the masses.

Harald Merckel

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News has been circulating that high-level players in South Africa are working hard to introduce structural changes in payments solutions. Some of the biggest players in the industry, including the Payments Association of South Africa, and BankservAfrica have begun work in earnest on facilitating expedited transactions settlements, by adding new payments systems and features into the market.

Financial technology, a.k.a. FinTech is powering the payments gateway to cost-effective solutions for South African businesses, consumers, domestic and international stakeholders. According to industry pundits, the payment system that currently exists in South Africa was formulated in the 1980s. At the time, it was highly regarded by world standards. However, the rampant innovation that has taken place with the Internet of things since then necessitates updating.

Various solutions have been touted, to rethink the infrastructure framework that currently exists in South Africa. The economy is rapidly changing, and mobile technology is being embraced across the board. The South African payments system is long overdue for an upgrade, as shifting priorities and the widespread digitisation of the economy take place. For starters, payments solutions across South Africa must factor in the large underbanked and unbanked sectors of society.

Related: 6 Lessons The Founders Of iKhokha Used To Launch An African Fintech Start-up

A key industry player, Bankserv which is owned and operated by Standard Bank, ABSA, and Nedbank among others is ringing the changes. Back in 2017, this financial entity processed R188.2 billion worth of ATM transactions. The total number of transactions numbered 452.6 million additionally. It processed 52.5 billion POS transactions valued at R290.9 billion in credit card authorizations in the same year. Electronic funds transfers (EFTs) to the value of R9.4 trillion were also processed by Bankserv. These are significant figures, and they point to a shift in financial transactions processing in South Africa.

Groundbreaking POS Systems to Debut in SA

The widespread innovation currently taking place in POS systems is reshaping retail industry, the food and beverage service, and other merchant networks across the board. One of the industry leaders in this regard is revel systems POS. It is fully integrated with a robust selection of features, the likes of which include superior reporting features, full kiosk functionality, and a modern kitchen display system for the thriving restaurant industry in South Africa. The technology was created back in 2010 by Chris Ciabarra and Lisa Falzone as an innovative Apple iPad point-of-sale system. It was tested in the San Francisco Bay Area and became an instant hit.

Today, the Revel POS system sports 25,000+ terminals around the world, at high profile company such as Cinnabon, Goodwill, Smoothie King and others. South African restaurants and food industry businesses can enjoy monthly subscription fees, and the software license is included in the monthly subscription fee. Flexible pricing is another advantage of using this POS system. Plus, users get to enjoy industry-specific software and integrations that can be used by quick service businesses and restaurants.

It’s ideally suited to businesses that have 500,000 SKUs, although it’s equally adept at serving smaller SA businesses. In terms of ease-of-use, this POS is intuitive for front-end use, and training videos facilitate backend learning and integration. The backend management is particularly effective in terms of training regimens, navigation, and utilisation. All that’s required to get started is an Apple iOS device, and any standard barcode scanner is fully compatible with the system.

Related: How Fintech Zoona Is Solving Customers’ Real Problems

Among the many features include the following:

  • Fully Functional point-of-sale systems
  • Real-Time Inventory control of SKUs, including cost considerations, pricing, inventory, size, colour, style etc. Digital menu boards, kitchen display systems, and kiosk point-of-sale systems are also available
  • Purchase Order Management and QuickBooks integration
  • Customer Management in terms of purchases, details and personal data is also available.

What Are the Current FinTech Challenges in South Africa?

Contrary to widespread belief, South Africa has one of the most sophisticated payments infrastructures. This is certainly a feather in the cap for South Africa’s financial and FinTech sector. Given that Internet usage is widespread, and the telecom network that facilitates Internet functionality is highly developed, South Africa ranks on par with the best of them.

There are effectively 2 parallel economies operating in South Africa – the first world developed FinTech economy, and the informal economy which dominates the outlying areas. South Africa has a challenge on its hands: How to bridge the divide and bring FinTech technology and a new infrastructure of POS systems to the masses.

Harald Merckel is a freelance writer whose primary focuses are business, e-gaming and marketing. Although he loves tech gadgetry as much as the next guy, Merkel prefers to write with pen on paper. Merkel has a B.A. in Business and Communication from HWR-Berlin, where he was active in the Studentenwerk Berlin organisation. He has been a proud Berlin resident since the late 1990s.

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How Lexus Is Emphasising Quality And Taking Craftsmanship To New Heights

The seventh generation Lexus ES is crafted to the last millimetre and is the essence of comfort​.

Lexus

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The seventh generation Lexus ES ushers in an era of performance, mirrored by design that stirs the soul. The exceptional body rigidity allows for incredible design freedom, resulting in design that has the confidence to stand out. The brave new design that is lower, wider and sleeker, giving this sedan a coupé-like silhouette.

The 2018 Lexus ES range has no space for mediocrity – every vehicle excels and provokes. The petrol ES 250 EX and hybrid ES 300H SE set a standard of excellence with unparalleled levels of sophistication, elegance and performance. The Lexus ES range places all available performance in the driver’s hands for an intimate experience. It is performance that can be heard and felt.

The new Lexus ES has a profile that is impossible to ignore. The striking signature spindle grille is a significant feature, a sculpted form that speaks of inherited architecture and meticulous craftsmanship. It is the embodiment of provocative elegance, of finesse and sophistication.

Every curve builds from the grille. Athletic headlights flow from the spindle grille, emphasising the sleek lines of the three-dimensional front-end while tracing the outline of the lowered roofline.

The Lexus Takumi craftsmen embody the quest for perfection by carefully refining design elements. Boldness is balanced with elegance, and innovative design characteristics are made possible by the new chassis platform that allows the New Generation ES to be longer, wider and more spacious than ever before, but with a sleeker and lower silhouette. The fastback roofline captures the glamour of a coupé and emphasises the low stance, while the interior roominess is all premium sedan.

Related: 10 SA Entrepreneurs Who Built Their Businesses From Nothing

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The meticulous attention to detail of the Lexus Takumi craftsmen is evident in every inch of the Lexus ES interior. In a physical manifestation of Omotenashi, the Japanese philosophy of warm hospitality where your every need is anticipated and catered for, the Lexus ES offers a personal comfort zone, an escape from the ordinary.

The ES seduces you with details such as embossed stitching on semi-aniline leather-trimmed* seating and real wood trim*. The door panels flow into the instrument console, creating a sense of spaciousness, and at the same time placing all controls of the navigation*, Multi-information and entertainment systems within your grasp, while all driving related functions, as well as those for communication, are controlled from the leather-trimmed steering wheel.

Define your own personal climate with automatic dual zone climate control. The innovative nanoe air-purifiers cleanse the air and moisturise your skin, which is why stepping out of the new Lexus ES, is just as invigorating as stepping into it.

For further individual comfort, the front seats of all ES models have adjustable lumbar support, with standard heated and ventilated seats.

At Lexus safety is of paramount importance, which is why the new Lexus ES features the most advanced passive and active safety and driver support systems available. This is the most technologically advanced Lexus ES ever, with traditional measures of comfort merged with cutting-edge technology for all-encompassing driving pleasure.

* Available on ES 300H only

Read next: 10 Dynamic Black Entrepreneurs

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Rethinking Learning In The 21st Century

The changing world of work has disrupted the three elements of the traditional ‘career’: Expertise, duration, and rewards.

Wits Plus

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Vital Stats

Traditionally the concept of a ‘career’ was considered to include three elements:

  1. A career represented our expertise, our profession, and ultimately our identity.
  2. A career was something that built over time and endured. It gave us the opportunity to progress and advance.
  3. A career gave us financial and psychological rewards. It made life meaningful and paid us enough to live well.

The changing world of work has disrupted all three elements: Expertise, duration, and rewards.

A career can now be as long as 60 years; at the same time, due to rapid advancements in technology and the changes that bring about in the workplace, skill sets can become obsolete in as little as five years.

Increasingly, companies need to rethink the way in which careers are managed and learning opportunities are delivered, and many have already begun to overhaul their career models and L&D (Learning and Development) infrastructure in line with the digital age.

Related: Your Investment In Knowledge

Employees’ learning behaviour is also changing. In the past, employees were able to obtain the skills required for their career early on and as a once-off; now, the career itself is a journey of learning, up-skilling, re-skilling and continuous reinvention to remain relevant and to thrive in the changing world of work.

Older employees who studied at a time where most of one’s learning occurred prior to entering the workplace, find themselves working alongside millennials who place greater value on learning and progression rather than on earning potential as a first priority.

Eighty-three percent of the respondents surveyed in Deloitte’s 2017 Global Human Capital Trends survey say their organisations are shifting to flexible, open career models that offer enriching assignments, projects, and experiences rather than a static career progression.

However, in today’s fast-paced business world, even if companies are restructuring L&D delivery, no one is going to make you engage in a strategy that is essential to your future success – continuous learning. You will have to take the initiative yourself.

Noted self-help expert W. Clement Stone, in his many writings on this topic, recommended that one spends anywhere from a half-hour to two hours a day in study and thinking time. This tireless dedication, combined with an insatiable curiosity, will equip you to excel in the future world of work. What’s more, learning new skills and knowledge can be fun!

The good news for both companies and for employees is that an explosion of high-quality content and digital delivery models offers employees ready access to continuous learning. The Wits DigitalCampus offers a range of accredited and fully online short courses to support your continuous learning.

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Company Posts

Your Investment In Knowledge

When you understand the value of knowledge, in this world where technology is rendering previously expensive products or services much cheaper (and even free), it’s just a matter of getting more of it. Dedicate yourself to constant learning!

Wits Plus

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Vital Stats

Most people spend their lives collecting, spending, and worrying about money — so much so, in fact, that they say they “don’t have time” to learn something new.

However, some of smartest and busiest people in the world — Barack Obama, Warren Buffet and Bill Gates — all spend at least one hour a day on deliberate learning. They see what others don’t: That learning is the single best investment of our time that we can make. As Benjamin Franklin said long ago, “An investment in knowledge pays the best interest.”

When you understand the value of knowledge, in this world where technology is rendering previously expensive products or services much cheaper (and even free), it’s just a matter of getting more of it. Dedicate yourself to constant learning!

One of the very benefits of ongoing technological advances is that it empowers an accelerated and personalised learning experience that puts the learner in the driver’s seat. Modern learning harnesses the speed, power and ubiquity of digital capability. Online platforms, software and mobile devices means that the traditional hurdles to learning — such as income, status and location — have just about disappeared. Knowledge can now be gained by anyone with the passion to pursue it and the commitment to stick with it.

Related: Building Customer Relationships

We are only at the tipping point of what future learning technology can deliver. Artificial intelligence (AI) will transform all aspects of human capital management, including learning. Technology-enabled learning will be immediate and directly relevant to the task, for example:

  • personally tailored learning content and experiences delivered to you as and when you want or need them
  • chatbots and virtual assistants can source and categorise the information that you need for optimal decision-making
  • augmented and virtual reality simulations can provide a multi-sensory experience to speed up and embed learning.

Additionally, social connectivity already enables user-generated content to outpace and outstrip what traditional education and learning institutions can deliver.

Knowledge may be the new money but, unlike money, you don’t lose it when you use knowledge or give it away. Transferring knowledge anywhere in the world is free and instant. It’s fun to acquire and it makes your brain work better. It helps you think bigger and beyond your circumstances. It puts your life in perspective by essentially helping you live many lives in one life through other people’s experiences and wisdom.

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