There has been a robust adoption of PayShap, according to the banks that currently facilitate the payment service. Standard Bank recorded an average of 1 185 user registrations every day since PayShap was launched.
PayShap is an innovative new payment service that allows customers to make bank-to-bank payments that clear in real-time, using their phone number as a reference.
The banks were reluctant to share data on the total number of transactions that have been made using PayShap, but provided some indication of the level of adoption. She said using a proxy, such as a phone number, is new to South Africans and there will be less friction in making payments after an adjustment period.We expected to see slow and steady growth. This is also in line with what we have observed in other geographies that have implemented instant payment systems.
"The payment rail is still in its infancy stages of adoption, but we are encouraged by the week-on-week growth in payment volumes and ShapID registration," said Shunmugam.
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