On Monday, March 13, the South African Reserve Bank and Bankserv, a processing house operated by South African commercial banks, will jointly introduce PayShap for the wider populace. PayShap is an interbank and real-time financial technology service.
PayShap says it will make it easy and safe for people with and without bank accounts to send each other small payments (up to R3000 at first) in real time, no matter where they bank.
"PayShap's debut marks a significant turning point in South Africa's effort to modernize its money transfer system."
Payshap seeks to wean customers off of cash and transition them to a future where payments are made more digitally, according to Mpho Sadiki, head of real-time payments at BankservAfrica.
The first step of the PayShap deployment (ShapID) will be the implementation of the PayShap quick clearing function. This will give users the option to pay by account (using account information) or by proxy (using a unique identifier, like a cell phone number).
In the second step, a new "request-to-pay" feature will be added, enabling people to make payments and receive funds safely and right away in their bank accounts.
As long as the banks of the payer and the receiver both provide PayShap, it will be accessible to all.
"PayShap's debut marks a significant turning point in South Africa's effort to modernize its payment system. Payshap wants to transition customers away from cash and towards a society where payments are made increasingly digitally," according to Sadiki.
"This year, payments in Mzanzi are going through a big change, and we think that PayShap will help all South Africans accept digital transactions faster."
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