[SPONSORED] South Africans will now have the option of making a payment without knowing the recipient’s banking details. AbsaSouthAfrica Moneyweb payments
E-wallets have been around for a long time, but they have limitations, chief among them being the lack of interoperability between banks.
PayShap aims to provide the benefit of a safe and convenient money transfer type of payment, as an alternative to cash, as well as to address the challenge of bank interoperability between money transfer services. PayShap takes this interoperability a step further as SA’s first instant inter-bank digital payment offering for low-value payments .
One thing to bear in mind about PayShap payments is that once they’re made, they are final. This is rather like making a payment in cash. It is important for the customer to verify the accuracy of all details before making the payment.“This needs very clear communication with clients. We expect most transactions to be around R200, so they will be very small, low-cost transactions.
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