Deputy Reserve Bank governor believes G20 could help accelerate cheaper cross-border payments

CAPE TOWN - Deputy Reserve Bank governor, Rashid Cassim says he believes the G20 platform can help with best practices in its endeavours to make it easier and cheaper for countries to do business with one another.

Central bank deputy governors are meeting in Cape Town on Monday to lay the groundwork for subsequent meetings of the bloc’s bank governors and finance ministers later this week.  

Cassim said refining the cross-border payment system remains high on the agenda of the bloc’s finance track. 

Describing it as a relay, Cassim said the finance track of the G20 is picking up on the same issues where the Brazilian presidency left off, in trying to refine ways of stimulating trade - especially for emerging economies.

This includes the cross-border transaction system.  

"There’s no big political issue. It's an issue that every country wants efficient payments, every country wants to make sure that cross-border payments are cheap, low cost, and they are instant."

Cassim said making the transition to more digital payment forms sometimes takes longer in emerging economies.

"In South Africa, it's a different story. People are still very dependent on cash, People are dependent on debit cards."

Cassim said for countries that have already made the leap, there’s goodwill to help others under the G20 banner to do the same.