Ten banks in South Africa have signed up to South Africa’s new payment system, PayShap. <\/p>\n\n\n\n
According to BankservAfrica, Payshap transactions have surged to 30 million, with a value of R19.5 billion, since its launch in March 2023.<\/p>\n\n\n\n
\u201cWe 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,\u201d said Stephen Linnell, CEO of BankservAfrica. <\/p>\n\n\n\n
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,<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
In May 2023, the number of PayShap transactions stood at 25,0000, with the “Big Four” banks participating. <\/p>\n\n\n\n
Since then, six other banks have joined the system, with Africanbank joining last month. <\/p>\n\n\n\n
More banks are set to be onboarded soon. <\/p>\n\n\n\n
Prices <\/strong><\/p>\n\n\n\n Comparing prices between the ten participating banks can be challenging, as each bank has its own transaction limits. <\/p>\n\n\n\n Overall, Tymebank is the only bank to offer Payshap for free across all transaction limits. <\/p>\n\n\n\n