New instant payment service rolling out in South Africa
A new PayShap payment service, PayShap Request, is gaining traction and rolling out to more partners in South Africa, with wider launch anticipated later in the year.
PayShap launched the Request service in December 2024, and it has since slowly started rolling out to more platforms.
The service is currently offered by African Bank, Capitec, Discovery, FNB, Investec, Nedbank, Standard Bank, and TymeBank, with the latest platform, Ozow, adopting it this past month.
According to BankservAfrica, PayShap request is an alternative way to make digital payments, allowing payees to initiate real-time, interbank payment requests.
When these requests are approved by the payer, the amount reflects in the their account instantly.
“This empowers South Africans from individuals to small business owners, merchants and corporates to own the way they pay and get paid, in seconds,” the group saod.
“Merchants can simply send a PayShap Request using the payer’s bank account details or ShapID. When approved by the shopper, payment is cleared in real time.”
The new service extends the PayShap platform, which is gaining traction and an instant, easy and safe interbank digital payment service.
The platform is operated by BankservAfrica in partnership with the South African Reserve Bank.
It said that participating platforms are also expanding beyond just banks, into fintechs, mobile networks and retailers, which should broaden access to the service and boost its adoption.
The PayShap Request service is also expected to gain new partners by the end of the year.
“We are excited to see how fintechs are leveraging PayShap Request, this aligns to our broader participation strategy,” said BankservAfrica.
“In line with the regulatory shifts, we welcome the opportunity to forge new partnerships with licensed participants to unlock more opportunities for real-time payments access and financial inclusion, in support of South Africa’s growing digital economy.”
Loading ...