Capitec and Discovery Bank have become the latest banks to add PayShap to their offerings, joining Absa, FNB, Nedbank and Standard Bank.
PayShap is a real-time, low-value, interbank digital payments service launched by the South African Reserve Bank earlier this year.
The service exceeded the one million transaction milestone within six months of its market launch.
“The PayShap service is fast proving to be a viable digital option for South Africans seeking a secure and convenient way to transfer funds in a matter of seconds,” said the head of real-time payments at BankservAfrica, Mpho Sadiki.
“We are very pleased to have Capitec Bank and Discovery Bank onboard for faster payments to be made possible for more individuals and small business owners.”
Head of card and electronic payments at Capitec Busi Radebe said PayShap will allow the bank’s over 20 million customers to reduce their reliance on cash and make everyday transactions more convenient, affordable, effortless, and safer.
“By integrating PayShap into our real-time payment systems, we automatically route payments through PayShap where appropriate, offering clients a single, seamless and more affordable way to complete payments instantly.” said head of client insights at Discovery Bank Akash Dowra.
PayShap offers the following benefits:
- No need to exchange banking details for payments – PayShap enables payments using an identifier other than a bank account number, e.g. a cellphone number (ShapID) registered with a participating bank.
- Secure payments within seconds – Send and receive money instantly, and the money will reflect immediately in the recipient’s account.
- Moving funds to/from any participating bank made easy – Send or receive money from any bank offering PayShap. This means that PayShap transactions can now take place between Absa, Capitec, Discovery Bank, FNB, Nedbank or Standard Bank, with more banks to join soon.
- Payment for any amount up to R3000 – With PayShap, any low-value payment of up to R3000 for any day-to-day activity is possible.
PayShap was launched in March 2023 and has since recorded over 800,000 transactions.