South Africans will soon be able to take advantage of a real-time digital banking service that will make payments easier and safer.

From next year, participating banks will offer PayShap, which allows individuals to make low-value (less than R3 000) transfers to an account at any bank in real time, reports Africa Business Communities.

According to developer BankservAfrica, ‘while most banked South Africans will enjoy the convenience of this service, we believe it is the underbanked, cash-dominant market that will benefit the most’. The system reduces the need for cash in hand, which makes it safer to use in daily transactions such as paying for taxi fares or reimbursing family or friends.

Users will access the service through internet banking, banking apps or their bank’s USSD (unstructured supplementary service data).

PayShap will be offered by Absa, FNB, Standard Bank and Nedbank before being rolled out to other banks.

1 November 2022
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