PayShap is an instant interbank digital payment service that allows South Africans to transact without a bank account number. It is the first of its kind in the country and offers low-value payments. PayShap was developed by BankservAfrica and is expected to lower the cost of owning bank accounts. It is currently available through Absa, FNB, Nedbank and Standard Bank, with more banks coming on board soon.
Location: South Africa
Employees: 201-500
Mentions in press and media 11
| Date | Title | Description |
| 18.12.2024 | Work under way to make Sadc payments faster and cheaper | The ability to send money instantly to any recipient with a phone number in Southern Africa is seen by regional regulatory authorities, including South Africa’s Reserve Bank, as a key driver of economic growth and financial inclusion, and a... |
| 11.12.2024 | TCS | Reserve Bank’s big payments shake-up – an interview with Tim Masela | The South African Reserve Bank is working with its peers in the Southern African region to drive financial inclusion by digitising cash and making instant payments across borders an everyday reality. In this episode of the TechCentral Show ... |
| 08.11.2024 | The Rise of Instant Payments in South Africa: A New Era of Financial Transactions | In the bustling world of finance, change is the only constant. South Africa is witnessing a seismic shift in its payment landscape. The introduction of PayShap and the expansion of real-time payment systems are transforming how individuals ... |
| 08.11.2024 | PayShap: A New Era in South Africa's Payment Landscape | In the bustling world of finance, change is the only constant. South Africa's payment landscape is undergoing a seismic shift with the rise of PayShap. This platform, developed by BankservAfrica, is not just a tool; it’s a revolution. Recen... |
| 08.11.2024 | Investec eyes payments market with PayShap integration | Investec’s Kuben Naidoo Investec, a bank that focuses on high-net-worth individuals in South Africa, is expanding its business banking unit with a payments system for its corporate clients to process high-volume, low-value payments. The len... |
| 06.11.2024 | PayShap payment limit raised to R50 000 | BankservAfrica, the automated payments clearing house that built and maintains PayShap, the platform for real time local interbank payments using cell phone numbers as identifiers – has increased the upper payment limit for PayShap transact... |
| 06.11.2024 | FNB launches real-time cross-border payments | BankservAfrica CEO Stephen Linnell First National Bank has joined BankservAfrica’s Transactions Cleared on an Immediate Basis (TCIB) platform, making it the first bank in Southern Africa to facilitate real-time cross border payments across ... |
| 17.09.2024 | Debit cards are rapidly replacing cash in South Africa | The flexibility provided by cash – it is accepted just about anywhere – still makes it the most popular way to pay for goods and services in South Africa. However, a recently published report by the Reserve Bank on the payments space shows ... |
| 15.08.2023 | Capitec, Discovery now support PayShap rapid payments | Support for PayShap, the rapid payments solution that allows bank customers to send and receive money instantly, is coming to more financial services providers. Capitec and Discovery Bank have become the latest to offer access to PayShap, w... |
| 02.08.2023 | PayShap nears a million transactions | PayShap, South Africa’s interbank real-time digital payments service, has shown robust uptake since its launch in March. PayShap data shows that since launch, more than 800 000 transactions have been recorded, with a settlement value of mor... |
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