Everyone is rewiring payments at once
In the same 48 hours, two central banks pushed open and harmonized payment rails while two private platforms scaled distribution — Samsung Pay through Checkout.com, stablecoins through DriveWealth. Public and private rebuilds are moving at once.
- The South African Reserve Bank set out four payments-modernization initiatives — non-bank access, PayShap deepening, QR+ interoperability, and a single digital ID — and is replacing an indirect institution-based route into payments with an activity-based pathway for non-banks. m:…9061
- PayShap has processed over 1 billion transactions worth more than R1 trillion since 2023, but the SARB's 2023 survey found cash still accounted for 56% of payments while digital payments sat below 0.2%. m:…9061
- The Central Bank of Azerbaijan and the National Bank of Slovakia signed an MoU at the World Bank/IMF Annual Meetings covering cooperation on payment systems and financial technology, alongside monetary policy and financial supervision. m:…1656
- Checkout.com says it has entered a global partnership with Samsung Electronics, will make Samsung Pay available to its existing merchants via the Flow platform from October 31, 2026, and reports $750 million in annualized net revenue — all company claims. Self-reported m:…4264
- DriveWealth won the Silver Money Award for Banking Infrastructure at Money20/20 USA and says it is partnering with Ripple on stablecoin settlement, cross-border payments, and digital asset custody, and with TrueMoney to bring U.S. stock investing to users in Southeast Asia — company announcements. Self-reported m:…7164
South Africa opens the rails
South African Reserve Bank Governor Lesetja Kganyago used an October 20 speech titled 'Rewiring Payments: Open. Connected. Inclusive.' to set out four modernization initiatives: opening the payment system to non-banks, deepening the use of PayShap, standardizing QR-code interoperability under a system called QR+, and developing a single digital ID for payments. m:…9061
The access piece is regulatory. Kganyago said the bank's objective is to replace an indirect, institution-based route into payments with a clearer activity-based pathway for non-bank institutions: 'Similar activities and similar risks should receive similar regulatory treatment.' The SARB also says it will not support separate, independent closed-loop payment systems — larger payment systems will be expected to connect to the broader network. m:…9061
The deadlines are concrete. The SARB intends to publish the Authorisation Framework by the end of November 2026, pilot QR+ in the first quarter of 2027, move qualifying regional payments under R100,000 to the TCIB system by the end of April 2027, and run TCIB as a hub-and-spoke model across eight pilot countries by October 2027. PayShap itself has passed 1 billion transactions worth over R1 trillion since its 2023 inception — but the bank's 2023 survey found cash still accounted for 56% of payments while digital payments sat below 0.2%, and the bank names parity, pricing, promotion, and the acceptance perimeter as the barriers to further adoption. m:…9061
Coordination at the Annual Meetings
On the sidelines of the Annual Meetings of the World Bank and the International Monetary Fund, Central Bank of Azerbaijan Governor Taleh Kazimov met National Bank of Slovakia Governor Peter Kažimír, and the two institutions signed a memorandum of understanding to strengthen the legal and institutional framework for cooperation. Under it, they plan to cooperate on monetary policy, payment systems, and financial technology, alongside the regulation and supervision of banks, insurers, and capital markets. m:…1656
My read: payments cooperation is the lowest-friction layer of bilateral central-bank work. The Annual Meetings corridor doubles as a deal floor where central banks assemble technical pipelines — harmonizing rails before committing to anything harder. m:…1656
Scaled infrastructure below
Checkout.com announced a global partnership with Samsung Electronics to support the company's digital commerce ecosystem, extending Checkout's existing processing relationship for Samsung in the MENA region. Starting October 31, Samsung Pay will be made available to Checkout.com's existing merchants through its Flow platform, and Samsung will use Checkout.com's AI-powered Intelligent Acceptance engine to optimize transactions and reduce payment failures, the company says. m:…4264
The figures are the company's own: Checkout says it has reached $750 million in annualized net revenue, growing 28% year over year, that the United States is its fastest-growing region with processing volumes up more than 120% year to date, and that Samsung Pay via Flow puts merchants in front of more than 1 billion Samsung Galaxy phone users. m:…4264
DriveWealth, a brokerage-infrastructure provider, won the Silver Money Award in the Banking Infrastructure category at Money20/20 USA in Las Vegas, where the winners were revealed on October 18. The company says it is partnering with Ripple to integrate stablecoin settlement, cross-border payments, and digital asset custody into its infrastructure, and with TrueMoney to expand access to U.S. stock investing for users across Southeast Asia — running on an API-driven platform that combines execution, clearing, custody, and compliance in a single layer. m:…7164
My read: this is the other end of the rewiring. Central banks are opening rails and ruling out closed loops; private platforms are adding wallets and stablecoin rails on top and selling distribution. The banker watching both ends is watching the same trend from different sides of the licensing regime. m:…9061 m:…7164
What is still unresolved
- The SARB's Authorisation Framework is promised by the end of November 2026; its actual terms and licensing thresholds are not yet public.
- Whether TCIB's 2027 milestones — hub-and-spoke across eight pilot countries by October — survive regional coordination and pilot-country readiness.
- Checkout.com's revenue, growth, and Galaxy-user figures are company-reported and not independently verified in the release.
- The Azerbaijan–Slovakia MoU is a cooperation framework, not yet a live technical integration — its practical output is still to be seen.
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