News Updates:

PayShap officially launches – it’s easy, safe and instant

PayShap officially launches – it’s easy, safe and instant
13-03-23 / Sisanda Ndlovu

PayShap officially launches – it’s easy, safe and instant

Johannesburg - Today, 13 March 2023, marks an incredible milestone with the launch of PayShap, South Africa’s first low value, interbank, real-time digital payments service.

“Widely anticipated in the market and global payments community since its journey kicked off in 2017, we are extremely pleased to announce that PayShap is officially live,” says Mpho Sadiki, Head of Real-time Payments at BankservAfrica.

PayShap is currently available at four participating banks in South Africa, namely Absa, FNB, Nedbank and Standard Bank with more banks expected to go live in the coming months. Details are available on the PayShap website (www.payshap.co.za).

Absa: “As a Pan-African bank, we are committed to making financial services more inclusive and accessible to our (Absa) customers. Absa’s contribution to South Africa’s payment modernisation is significant and we are extremely proud to be part of delivering yet another market-first payment solution. Importantly, Absa is delighted to be part of the first cohort of banks to roll out PayShap to our customers,” says Charl Smedley, Absa’s Managing Executive for Payments.

FNB: Ravi Shunmugam, CEO of FNB EFT Product House, says,“As a founding member of this  modernised and  inclusive South African payments infrastructure, we are excited to provide our FNB customers with more real time payment options. PayShap will help FNB customers transition from cash to digital and is the first of many customer solutions for real-time payments and the transformation of the payments infrastructure, aligning to our payments modernisation and digital platform strategy. We’re ecstatic to be one of the first banks in South Africa to offer PayShap to our FNB customers.”

Nedbank: “The launch of PayShap is a demonstration of the commitment by the industry as a whole to ensure accessible payment services to all South Africans.  At Nedbank, we’re extremely excited to see PayShap come to fruition and the unlocks that it is set to present for enhanced payments solutions,” says Dayalan Govender, Managing Executive of Solution Innovation at Nedbank.

Standard Bank: “We at Standard Bank are proud to have worked alongside South Africa’s other leading banks to launch this game changer for SA payments.  It is an incredible milestone to have reached as we deliver core collaborative infrastructure for all South Africans.  Now we are looking forward to using it to give our current and prospective clients the best payment services in the world.,” says Rufaida Banoobhai, Head of Payment SA, at Standard Bank.

With no waiting periods, South African bank account holders can now easily pay and receive money (up to R3000 per transaction) instantly, between participating banks, without sharing bank account details. “While the focus at launch is on person-to-person payments, every South African, including small business owners and merchants to commercial businesses, stand to benefit from this service which becomes a viable alternative to cash – from reimbursing friends or family, to paying for items on community marketplaces, hair salons, paying for home maintenance services, car washes, restaurants and transportation,” says Sadiki.

PayShap is not a standalone app and is accessed through existing banking channels only. “At launch, PayShap will be automatically accessible through bank channels such as mobile banking and internet banking. We anticipate that in the future, banks will innovate and opt to enable additional digital access channels,” says Sadiki.

PayShap will be released to the market in two stages. The first leg will see the launch of the PayShap instant clearing feature that gives the option to pay-by-account (using account details) or pay-by-proxy (using a unique identifier such as a cellphone number (ShapID). The second leg, will introduce an additional request-to-pay function which will make it possible for a person to initiate a request for payment and receive money securely and immediately in their bank account.

We are all excited to witness the evolution of payments in South Africa that will be delivered through this next-generation digital payments service delivers,” concludes Sadiki.

Leave a Reply