While South Africa’s new rapid payments programme, PayShap aims to increase financial inclusion, certain challenges such as pricing complexities may hinder wide-scale adoption of the service. RetailTechnology BankservAfrica Absa FirstNationalBank
While South Africa’s new rapid payments programme, PayShap aims to increase financial inclusion, certain challenges such as pricing complexities may hinder wide-scale adoption of the service.
It allows South African bank account holders to pay and receive money instantly, between participating banks. It also seeks to make conducting transactions without the need for bank account details possible. This is done through public and private identifiers, such as a registered mobile number or an e-mail address.is of the view that while PayShap is a significant development for the local financial market, however, several challenges still need to be addressed.
To sign up, bank customers need to register their ShapID via their banking app. The ShapID registered is a unique identifier such as a cellphone number or an email address. When compared to peer-to peer e-wallet payments local banks charge an average of R2.50 for every R100 sent.points out that the retail sector should see immediate gains by using the PayShap payment option and, under optimal conditions, it could make a big difference.“The lack of consensus between what banks are charging will cause confusion amongst users.
“This would present a great opportunity to businesses looking to capitalise on the technology’s speed, security, and potential cost-effectiveness which will in-turn help to improve cash flow, reduce transaction costs, and expand customer bases.
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