The South African Reserve Bank and clearing house BankservAfrica have launched a new rapid, interbank payment programme, called PayShap, which will allow people to transfer money instantly using their phones.
More banks are expected to join in the second phase.
The second stage will introduce a request-to-pay function, which makes it possible for a person to request payment and receive it immediately in their bank account. “The market is probably oversupplied but oversupply isn’t necessarily a bad thing because it means prices will come down and service levels will come up. It’s good news for the consumer.” PayShap will facilitate the real-time clearance of low-value transactions to a maximum value of R3 000, helping to reduce the reliance on cash and improving safety and convenience for consumers and small businesses.
“PayShap will be automatically accessible through bank channels, such as mobile banking and internet banking. We anticipate that, in the future, banks will innovate and opt to enable additional digital access channels,” Rufaida Banoobhai, the head of Payment SA at Standard Bank, said. , South African bank account holders can now easily pay and receive money instantly, between participating banks, without sharing bank account details, Banoobhai said.
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