South Africa’s real-time low value payments platform launches


South Africa in beginning the roll out of Payshap, a low value, interbank, real-time digital payments service aimed at increasing financial inclusion to the underbanked segment.

Stemming from country’s Rapid Payments Programme, the now commercially-branded PayShap is an industry-led initiative that supports the South African Reserve Bank’s payment system plan.

Payshap’s initial rollout this month will offer users access to instant, real-time payments across participating banks as well as the use of an alias that will enable payments to be made through the use of a unique identifier other than a bank account number - in this case, a cellphone number.

The initial phase of PayShap will see the participation of the first cohort of banks: Absa, First National Bank, Standard Bank and Nedbank. More banks and non-banks are set to follow.

A second stage will follow, introducing a request-to-pay function which makes it possible for a person to request payment and receive money securely and immediately in their bank account.


By on Thu, 16 Mar 2023 00:01:00 GMT
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