PayShap was born out of the Rapid Payments Programme, led by BankservAfrica and South Africa’s payments industry, as part of SARB’s Vision 2025, which sets out nine goals to improve the country’s payment system.
With PayShap, consumers will have access to instant, real-time payments across participating banks, and will be able to use a payment identifier other than a bank account to facilitate transactions.
Bank customers will be able to use their mobile phone numbers to make payments by logging on to their mobile banking app and registering their phone number under the PayShap icon.
