On Monday, a new payment system will be launched in SA - what you need to know | Business

The SA Reserve Bank and clearing house BankservAfrica will launch a new rapid payment programme, Payshap, on Monday. Payshap will enable instant payments and transfers between different banks. | News24_Business

The SA Reserve Bank and clearing house BankservAfrica will launch a new rapid payment programme, Payshap, on Monday.It will allow people to save money in wallets and pay others without paying the fees banks currently charge.On Monday, a new payment system will be launched – which could finally help wean South Africans off cash.

You will be able to send money using vouchers and PIN codes, and recipients won't have to cash out that money first to perform another transaction. Payshap will allow them to make payments from their new balance to other people, and soon also via apps like WhatsApp. A similar payment system, also backed by a central bank, exploded in Brazil after its launch in 2020, with more than two-thirds of adults now using it.

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