South Africa is regarded as a dual economy in which a significant financial and digital gap exists between people who live in rural, underdeveloped areas and those who live in urban, developed areas. The people who live in rural areas are often referred to as financially excluded because they do not fully participate in the country’s economy. In such environments, the financially excluded frequently travel long distances to access financial products and services. A payment system is any system used to settle financial transactions by transferring monetary value. The digitalization of payment systems, in the context of this study, refers to the modernization and enhancement of payment systems using innovation and technology. This paper explores digitalizing South African payment systems so that the financially excluded can access basic banking. Financial inclusion refers to people and businesses accessing good banking resources, financial products, and services – resulting in improved economic growth. The study is underpinned by the Technology-Organization-Environment (TOE) framework as a lens to understand TOE elements relevant to the digitalization (technology) assisting the South African banking industry (organization) in its attempt to foster financial inclusivity of those living in the rural areas (environment). This study used a systematic review of the literature to propose a conceptual research framework that could be used to investigate the digitalization of payment systems in the South African banking industry for financial inclusion.