South Africa’s first interbank, low-value real-time digital payments service, PayShap has shown a robust market uptake since its launch in March this year.
The PayShap data shows that over 800 000 transactions have been recorded with a settlement value in excess of R660 million since the PayShap launch.
“In the first few months of its introduction to the market, there’s been consistent growth in the adoption levels and transaction volumes for the PayShap service from the participating banks,” says Mpho Sadiki, Chief Product Officer at BankservAfrica. “The strong response to this new digital payment service is what we hoped for and we expect the uptake to rise as other banks come on board soon.”
PayShap data by BankservAfrica from the service’s launch date to 31 July 2023, shows that over 300 000 ShapIDs have been registered. As a secure registered PayShap identifier, ShapIDs are linked to participating account holders’ banking profiles and replace the need to share bank account details for payment. Payments processed through PayShap are rapidly authenticated and cleared in the recipient’s bank account in seconds.
For person-to-person payments, ShapIDs are linked to the account holder’s cellphone number and provide a secure, simple and convenient option for instant interbank payments. “We are seeing an increase in users opting to use their mobile number as their ShapID for instant and convenient payments,” says Sadiki.
As this service becomes more widely used and accepted, South African account holders are encouraged to not miss out on this faster payments movement by making use of Payshap in their banking app.
PayShap is currently offered by Absa, Discovery Bank, FNB, Nedbank and Standard Bank, and will be rolled out to other banks soon. To find out more, log in to your banking app or PayShap or visit www.payshap.co.za.
