Ozow, a South African fintech leader, is collaborating with TymeBank, an innovative digital bank, to broaden the PayShap Request service and expedite nationwide adoption of digital payments.
This initiative is revolutionising how businesses and consumers make immediate payments by providing a straightforward, card-free, and app-free method of transferring funds in real time.
PayShap Request eliminates the inconvenience of providing comprehensive bank account information. Instead, users transmit or receive payment requests through a ShapID, a user-friendly conduit that facilitates the immediate approval of payments through banking applications.
The newly expanded collaboration, which includes Tymebank as a second sponsor bank, reinforces a significant stride towards broader financial inclusion and simplified immediate payments for all South Africans.
Rachel Cowan, interim CEO of Ozow, underscored the impact: “Our collaboration with TymeBank marks a milestone in driving financial inclusion and innovation.
The support of a digital-first bank like TymeBank is a powerful endorsement of this approach.” Since July, PayShap has registered over 4.5 million ShapIDs—about 8% of the adult population—showing strong momentum in adoption.
PayShap’s request powers instant payments for merchants and consumers
TymeBank merchant partners can accept immediate payments from clients at checkout using a mobile number, PayShap ID, or bank account number using PayShap Request.
TymeBank’s enterprise payments managing executive, Chris Becker, said this creates “a safer, easier and universal instant payments system” supported by the modernisation of South Africa’s payments ecosystem.
The integration uses the infrastructure of South Africa’s Rapid Payments Programme to provide smooth, real-time bank transactions. When a payment request is accepted, money moves immediately to businesses without needing intermediaries, and customers receive push notifications on their banking apps.
In addition to accelerating payments, this lessens errors and the hassle associated with conventional card or cash payments.
This agreement reinforces Ozow’s leadership in account-to-account payments through PayShap Request, building on its first-mover advantage. Ultimately, it seeks to let more companies and customers access a quick, safe, and easily accessible digital economy.