The app can only be accessed through existing banking channels and is currently available at Absa, FNB, Nedbank and Standard Bank with more banks expected to go live in the coming months.💵Banking
PayShap is released to the market in two stages. The launch today was the first stage of the PayShap instant clearing feature that gives the option to pay-by-account or pay-by-proxy .
“As a Pan-African bank, we are committed to making financial services more inclusive and accessible to our customers. Absa’s contribution to South Africa’s payment modernisation is significant and we are extremely proud to be part of delivering yet another market-first payment solution. We are delighted to be part of the first group of banks to roll out PayShap,” says Charl Smedley, Absa’s managing executive for payments.
“PayShap will help FNB customers move from cash to digital and it is the first of many customer solutions for real-time payments and the transformation of the payments infrastructure, aligning to our payments modernisation and digital platform strategy.”
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