New payment system coming to FNB, Standard Bank, Nedbank and more next week
PayShap is launching a new update on Monday, 2 December.
PayShap Request will enable users to initiate payment requests instantly through their bank channels, accelerating payments for personal, business, and corporate use cases.
The new payment request functionality is the latest enhancement to the PayShap service, expanding access to the digital economy by making interbank requests and real-time payments simpler and faster.
The banks that will offer PayShap Requests are Africanbank, Capitec, Discovery, FNB, Investec, Nedbank, Standard Bank, and TymeBank.
Other banks will offer the capability during 2025.
Some participant banks will roll out the service for personal banking at launch, while others focus on business and/or corporate banking and others do both.
For instance, Standard Bank South Africa is rolling out PayShap Request for Corporates.
BankservAfrica believes that the service will be more widely available across participant bank customer segments in the coming months as they roll out the service.
“PayShap Request is the result of a collaborative industry effort to bring innovative payment solutions to South Africa,” said Anton van der Merwe, Head of Scheme for PayShap at BankservAfrica.
“This new functionality extends PayShap’s capabilities to both person-to-person and person-to-business payments, helping users to manage their payment obligations efficiently while enabling businesses to innovate and grow in the agile economy.”
PayShap Requests are sent in real-time and once approved, get paid instantly.
How the system works:
- The Requester initiates a PayShap Request: The Requester sends a payment request to a Payer using their bank account details or proxy (ShapID, Business ShapID or Shap Name). The Requester also sets the expiry date of the request.
- The Payer approves the PayShap Request: The Payer receives the PayShap Request and approves the request to make payment from their bank account.
- Instant settlement: Once the Payer approves the PayShap Request, the funds are reflected immediately in the Requester’s bank account.
Requesters have the option to cancel a PayShap Request and Payers can decline received requests, which makes the service flexible and secure.
“With PayShap Request, South Africans are in charge of their payments. They determine when they get paid, ensure payment is never missed, and even have the added flexibility they require,” said Van der Merwe.
Since its launch, PayShap has processed over 130 million transactions. The limit increase was also been increased from R3,000 to R50,000 in October.
“As the Scheme Operator for PayShap, BankservAfrica is excited to lead the way in modernising South Africa’s payment ecosystem,” said Stephen Linnell, CEO of BankservAfrica.
“PayShap Request has the potential to transform how payments are initiated and paid, offering faster, more efficient solutions that reduce reliance on cash, promote financial inclusion, and accelerate economic activity.”
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