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.<\/p>\n\n\n\n
PayShap launched the Request service in December 2024, and it has since slowly started rolling out to more platforms.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
According to BankservAfrica, PayShap request is an alternative way to make digital payments, allowing payees to initiate real-time, interbank payment requests. <\/p>\n\n\n\n
When these requests are approved by the payer, the amount reflects in the their account instantly. <\/p>\n\n\n\n
“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.<\/p>\n\n\n\n
“Merchants can simply send a PayShap Request using the payer\u2019s bank account details or ShapID. When approved by the shopper, payment is cleared in real time.”<\/p>\n\n\n\n
The new service extends the PayShap platform, which is gaining traction and an instant, easy and safe interbank digital payment service.<\/p>\n\n\n\n
The platform is operated by BankservAfrica in partnership with the South African Reserve Bank.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
The PayShap Request service is also expected to gain new partners by the end of the year.<\/p>\n\n\n\n
\u201cWe are excited to see how fintechs are leveraging PayShap Request, this aligns to our broader participation strategy,\u201d said BankservAfrica.<\/p>\n\n\n\n
\u201cIn 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\u2019s growing digital economy.”<\/p>\n","protected":false},"excerpt":{"rendered":"
PayShap’s new Request service is expanding in South Africa, with more fintechs and platoforms coming on board.<\/p>\n","protected":false},"author":10,"featured_media":672059,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[17056,19886],"class_list":["post-833947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-ozow","tag-payshap"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/833947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=833947"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/833947\/revisions"}],"predecessor-version":[{"id":833958,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/833947\/revisions\/833958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/672059"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=833947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=833947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=833947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}