BankservAfrica has announced a major upgrade to its real-time payment platform, PayShap, with the introduction of PayShap Request, a new feature that will allow individuals, businesses, and even informal merchants to request instant payments.
This update, set to launch on December 2, is expected to transform interbank payments, offering a more seamless and efficient way for users to handle transactions across personal, business, and corporate settings.
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The new PayShap Request functionality, announced on November 25, will allow users to initiate payment requests instantly through their bank channels. This will accelerate the payment process for a wide range of use cases, from everyday personal transactions to business payments. PayShap Request aims to bridge the gap between individuals and businesses by providing an easy and fast payment method without requiring the exchange of banking details.
In the initial phase, major banks such as African Bank, Capitec, Discovery Bank, First National Bank, Investec, Nedbank, Standard Bank, and TymeBank will offer PayShap Request to their customers. Other financial institutions are expected to join the service over the next year, expanding its availability across South Africa.
Enhancing South Africa’s payments landscape with PayShap Request
The launch of PayShap Request follows the successful introduction of PayShap in March 2023, a fast payments system that allows users to send and receive money by using their mobile phone numbers instead of traditional bank account numbers. This system, which was developed in partnership with the South African Reserve Bank, has already made a significant impact on the payments landscape by enabling quick cross-bank transfers.
Anton Van der Merwe, head of scheme for PayShap at BankservAfrica, highlighted the importance of the new PayShap Request feature.
“This new functionality extends PayShap’s capabilities to both person-to-person and person-to-business payments, helping users manage their payment obligations efficiently while allowing businesses to innovate and grow in the agile economy,” Van der Merwe said.
Van der Merwe explained that PayShap Request is designed to meet a variety of needs, whether it’s a service provider like a plumber requesting payment for a callout, individuals sending payments to family and friends, or businesses accelerating the receipt of payments. The service is intended to make payments simpler and more efficient by sending requests in real time and ensuring that approved payments are processed instantly.
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PayShap’s greater flexibility with higher transaction limits
In response to growing demand, PayShap has also increased the transaction limit for payments through its platform. Previously capped at R3,000, the new limit now stands at R50,000, providing more flexibility for both personal and business transactions. This increase further enhances the system’s appeal, making it more useful for higher-value payments.
Since its inception in March 2023, PayShap has processed over 130 million transactions, cementing its role as a leading platform for real-time payments in South Africa. The addition of PayShap Request is expected to significantly increase its usage, with users now able to initiate payments in real-time, creating a more agile and responsive payment environment for businesses and individuals alike.
The introduction of PayShap Request is set to transform the way South Africans manage payments, offering a faster, more efficient, and flexible method for handling transactions across various sectors. With its real-time payment request feature, PayShap is well-positioned to lead the charge in modernizing South Africa’s payments ecosystem. As more banks adopt the service in the coming months, PayShap will continue to play a key role in shaping the future of financial transactions in the country.