PayShap fees in South Africa – Absa vs Nedbank vs Standard Bank vs FNB vs TymeBank and more
Ten banks in South Africa have signed up to South Africa’s new payment system, PayShap.
According to BankservAfrica, Payshap transactions have surged to 30 million, with a value of R19.5 billion, since its launch in March 2023.
“We are thrilled to report on the exceptional growth for this service stemming from the industry-led Rapid Payments Programme, which supports ongoing efforts to modernise the National Payment System and deepen digital financial inclusion,” said Stephen Linnell, CEO of BankservAfrica.
BankservAfrica said that the gradual migration of transactions from legacy payment rails to PayShap by the participating banks has led to a rise in transaction numbers,
The transition forms part of the industry’s payments modernisation strategy, which will lead to a lower-cost system for real-time payments that will help bring in more unbanked and underbanked into the financial system.
In May 2023, the number of PayShap transactions stood at 25,0000, with the “Big Four” banks participating.
Since then, six other banks have joined the system, with Africanbank joining last month.
More banks are set to be onboarded soon.
Prices
Comparing prices between the ten participating banks can be challenging, as each bank has its own transaction limits.
Overall, Tymebank is the only bank to offer Payshap for free across all transaction limits.
For transactions up to R100, the majority of banks offer transactions for free.
However, depending on the bank’s criteria, charges can range from R0.00 to R27.00 for transactions between R1,000 and R3,000.
The PayShap transaction fees among the ten participating banks can be found below:
| Bank | Up to R100 | R100-R200 | R200-R1000 | R1000-R3000 |
| Absa | Free to R7.50 | Free to R7.50 | R7.50 | R7.50 |
| FNB | Free | Free to R1.30 | Free to R6.50 | Free to R19.50 |
| Nedbank | Free | R1.00 or R7.50 | R1.00 or R7.50 | R1.00 or R7.50 |
| Standard Bank | R3.00 | R7.00 | R7.00 | R7.00 to R27.00 |
| Discovery Bank | R1.00 | R5.00 | R5.00 | R5.00 – R11.00 |
| Capitec | Free | R1.00 to R2.00 | R1.00 to R2.00 | R1.00 to R3.00 |
| TymeBank | Free | Free | Free | Free |
| Investec | Free | Free | Free to R6 | R6 |
| Sasfin | R5.50 | R5.50 | R5.50 | R5.50 to R7.50 |
| Africanbank | Free | Free | R3.50 | R3.50 |
Unique transaction features across every bank can be found below:
- Absa – Payments below R100 are free between ShapIDs | R0.50/R100.00 (Max R7.50) over R100.00 on ShapIDs – R7.50 to bank accounts.
- FNB – Free FNB to FNB transfers depending on the account | R0.65 per R100.00 after the first R100.00 to other banks.
- Nedbank – R1.00 for ShapID to ShapID | Payments below R100 are free
- Standard Bank – R1 per R100 for values of R1,000 and above.
- Discovery – Charges 0.4% of the transaction value between R1,500 and R3,000
- Capitec – Charges lower fees for Capitec to Capitec Transfers
- Tymebank – All PayShap transactions with Tymebank are free
- Sasfin – PayShap payments between R1,501 and R,3000 cost R7.50
- Investec – Payshap payments free up until R500, with costs then rising to R6 per transaction.
- Africanbank – R3.50 for amounts between R201 to R3,000.
Read: Cloudy with a chance of interest rate cuts for South Africa
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