News Updates:

PayShap now available at more banks

PayShap now available at more banks
15-08-23 / Sisanda Ndlovu

PayShap now available at more banks

Johannesburg – Capitec and Discovery Bank have become the latest banks to join the PayShap revolution. Account holders at these banks have already started using South Africa’s new real-time, low-value, interbank digital payments service and are enjoying the full experience of instant convenience. 

The PayShap stats reflect the uptake, with the service having exceeded the one million transaction milestone within six months of its market launch.

“The PayShap service is fast proving to be a viable, digital option for South Africans seeking a secure and convenient way to transfer funds in a matter of seconds. We are very pleased to have Capitec Bank and Discovery Bank onboard for faster payments to be made possible for more individuals and small business owners,” says Mpho Sadiki, Head of Real-time Payments at BankservAfrica.

Removing the hassle of queuing to make payments or withdraw cash, sending money to loved ones in other provinces or having to carry around cash, PayShap is a fast, secure and easy payment option.

"We are thrilled to be part of South Africa's new digital payment revolution with PayShap. At Capitec, we aim to empower our clients to pay the smart way with our wide range of digital payment options. With this innovative service, we'll help reduce reliance on cash, making everyday transactions more convenient, affordable, effortless, and safer for our over 20 million clients," says Busi Radebe, Head: Card and Electronic Payments at Capitec.

“By integrating Payshap into our real-time payment systems, we automatically route payments through Payshap where appropriate, offering clients a single, seamless and more affordable way to complete payments instantly.” says Akash Dowra, Head of Client Insights at Discovery Bank.

With PayShap, bank account holders at these two banks can now enjoy the following benefits:

No need to exchange banking details for payments: PayShap enables payments using an identifier other than a bank account number e.g. a cellphone number (ShapID) registered with a participating bank.

Secure payments within seconds: Send and receive money instantly with the guarantee that money will reflect immediately in the recipient’s account.   

Moving funds to/from any participating bank made easy: Send or receive money from any bank offering PayShap. This means that PayShap transactions can now take place between Absa, Capitec, Discovery Bank, FNB, Nedbank or Standard Bank with more banks to join soon.

Payment for any amount up to R3000: With PayShap, any low-value payment of up to R3000 for any day-to-day activity is possible.

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