Embrace the Future of Payments with PayShap at HBZ Bank
In an era where digital transformation is reshaping the payments landscape, HBZ Bank now offers PayShap – a revolutionary payment solution which allows South Africans to make and receive instant payments.
What is PayShap?
PayShap is a service enabled by BankservAfrica’s Rapid Payments Platform, developed in response to the South African Reserve Bank’s Vision 2025 goals to modernise the economy, reduce cash dependency, and promote financial inclusion.
It enables interbank, real-time, low-value digital payments up to R50 ,000, any time of the day, 365 days a year.
“We’re pleased to welcome HBZ Bank to the PayShap community. As part of the 11th banking cohort, this represents another powerful step forward in advancing real-time payments for South Africa’s evolving digital economy,” says Israel Skosana, Chief Product and Scheme Officer at BankservAfrica.
HBZ Bank is the first bank to apply the maximum PayShap limit, R50 ,000, and to offer free transactions for PayShap payments up to R5 ,000.
“At HBZ Bank, we recognise the growing need for instant, secure, and hassle-free transactions. By offering PayShap, we aim to provide our customers with accessible digital payments,” says Ashley Cameron, CEO HBZ Bank Limited
Why Use PayShap at HBZ Bank?
HBZ Bank offers its customers exclusive PayShap benefits, such as:
- The maximum-allowed transaction limit of R50 ,000.
- No fees for transactions below R5 ,000. For transactions above this threshold, a competitive fee of R13.50 (excluding VAT) applies, making HBZ PayShap one of the most cost-effective instant payment options available.
- Auto-registered ShapID. A ShapID is a proxy for bank account details. All HBZ Bank customers have an HBZ ShapID which is their cellphone number@HBZ (Eg: 0823456789@HBZ). This means HBZ customers can get paid instantly without sharing bank account details or having to register for a ShapID.
PayShap Services at HBZ Bank
- Pay to Account: Transfer funds directly to a beneficiary using their bank account number.
- Pay by ShapID: Transfer funds directly to a beneficiary using their ShapID, which is their registered cellphone number linked to their bank account.
- Pay by Shap Name: Transfer funds directly to a business beneficiary using their Shap Name, which is a custom proxy for bank account details.
An additional service in the HBZ Bank pipeline is PayShap Request which will empower HBZ Bank customers to proactively request payments.
Start using PayShap at HBZ Bank
PayShap at HBZ Bank is set to transform payments for its customers by offering a service that enables everyday transactions.
Whether it’s paying suppliers, taking care of payroll, or sending money to loved ones, HBZ Bank customers are now able to meet their payment obligations and receive payments instantly.
Visit our website or contact your nearest HBZ Bank branch to learn more and start using HBZ PayShap today.
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