PayInc – a bold step for utility payments in South Africa
PayInc, formerly known as BankservAfrica, is spearheading a bold move toward a more secure, inclusive, and digital South African economy.
Under its new name, PayInc is renewing and increasing its commitment to broad-based collaboration, innovation, and accessibility in the payments landscape.
“PayInc’s purpose is clear – deliver digital payment solutions that serves everyone,” said Ruhling Herbst, Strategy and Transformation Officer at PayInc.
“Our focus is on providing affordable, safe digital alternatives that facilitate economic activity while promoting opportunity and participation for all.”
Bridging South Africa’s dual economy
A key focus for PayInc involves bridging South Africa’s unique dual economy, which comprises a formal sector deeply entrenched in digital payments, and an informal economy reliant on cash.
One of the key goals of PayInc is to develop an inclusive, digital payments ecosystem that bridges the gap between these closed economies for the benefit of all South Africans.
“Our mission is to bring true utility to digital payments – to make solutions like PayShap as accessible, practical, and trusted as cash itself,” said Herbst.
To achieve this, PayInc is targeting five key sectors over the next two years where it hopes to grow the use of PayShap:
- Retailers (formal and informal)
- General supply chains
- Corporates
- Government
- Non-bank financial entities (like fintechs)
PayInc believes targeting each of these sectors can play a crucial role in expanding digital payments access and creating a secure, efficient and interoperable ecosystem, in line with the shifting regulation and national focus on digital transformation.
Benefits beyond convenience
The shift toward accessible digitised payments carries significant benefits for both the economy and individual consumers.
“When all roleplayers transact on a single, inclusive platform that supports instant payments, we unlock economies of scale that lower costs and increase accessibility,” said Herbst.
This backed up by global data, which has repeatedly shown that faster digital payments are directly linked to GDP growth.
For everyday South Africans, this means improved access to affordable financial services, the ability for the previously unbanked to build credit histories, and new opportunities.
When it comes to innovation, PayInc is investigating and implementing ways to support emerging technologies — from QR-based transactions to stablecoins.
Throughout this process, PayInc is steadfast in the belief that innovation should not be done for the sake of it, but to solve real problems.
“Our goal isn’t to compete with new technologies, but to co-operate with them – ensuring that as these innovative solutions grow, they remain interoperable rather than fragmenting the market,” said Herbst.
Collaboration for a connected economy
“PayInc sits at the intersection of both the public and private spheres – uniquely positioned to bring these worlds together and build the momentum needed for true national digital inclusion.”
PayInc’s evolution marks a pivotal step in South Africa’s journey toward a more connected, digital economy – one that empowers citizens, supports businesses, and drives national growth through inclusion, innovation, and collaboration.
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