Reserve Bank Pilots QR+ Payment Initiative
The programme aims to digitise informal sector payments and simplify access to credit for South African businesses.
Updated on Oct. 20, 2026 in Financial Services
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The Reserve Bank has launched a pilot for the QR+ payment initiative to track economic activity and improve financial inclusion. The system uses a single interoperable digital code and digital wallets to help informal businesses establish a digital footprint.
Why it matters
Informal businesses often lack the formal credit records or collateral needed to access traditional banking services. By simplifying digital payments, the project seeks to bridge this gap and provide these businesses with better financial opportunities.
The informal economy in South Africa is valued at up to R1.13 trillion annually, with the Spaza retail sector contributing between R190 billion and R200 billion. Most of these transactions currently rely on cash rather than digital systems.
The players
Reserve Bank
This central bank is responsible for maintaining monetary and financial stability within South Africa.
The details
The QR+ initiative functions as a single interoperable digital code that works with a digital wallet to store verifiable credentials. This system is designed to lower barriers for users to verify their identities and replace cash transactions with digital records.
Timeline
20 October 2026: The Reserve Bank Governor outlined the details of the new QR+ programme.
Market Landscape
The QR+ initiative marks a significant shift in the Reserve Bank's ongoing efforts to track informal economic activity. This move positions the central bank to better integrate cash-heavy informal markets into the formal digital financial ecosystem.
Informal business owners may soon find it easier to establish the digital records necessary to apply for credit and loans. For the average consumer, this system aims to simplify the payment process when shopping at local Spaza retailers.
The takeaway
The transition from cash to digital codes could fundamentally change how informal businesses interact with formal banking. Business owners should prepare for these digital tools by ensuring their identification documents are ready for the new verification requirements.
Further reading
For more on evolving payment technologies, visit the Financial Services section.
Source note: This article includes information reported by Dailyinvestor.
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