A local technology company called Lidonga Technology says it will launch a mobile payment gateway, a first for South Africa. The system will circumvent the use of foreign-owned Visa and Mastercard payment systems, saving the country billions of rands that would normally go to these foreign switching companies.

Chief Technology Officer at Lidonga Technology Roan Murray said Visa and Mastercard were making billions from South Africans who used debit and credit cards to shop as the country does not have an alternative payment system. Murray said Lidonga had designed a system called mokotla (a Sotho name that can be translated to mean a carrying case or wallet in this situation) to change this.

via Moneyweb.