BankServAfrica launches a new instant payment service for SA
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GUEST – Mpho Sadiki, head of real-time payments at BankservAfrica
The recent launch of PayShap (born out of the payments industry-led Rapid Payments Programme or RPP) developed as part of the SA Reserve Bank’s Vision 2025 and is a giant leap forward in the campaign to modernise payments in SA.
South Africans will now also have an option to pay without knowing the recipient’s banking details. Payments will be made to a bank account or a proxy (such as a mobile phone number) that has been linked to an account or wallet at any bank. Payments can be made from a mobile phone at a low fee to the consumer, in real time and available 24/7.PayShap aims to provide the benefit of a safe and convenient money transfer type of payment, as an alternative to cash, as well as to address the challenge of bank interoperability between money transfer services.
The recent launch of PayShap (born out of the payments industry-led Rapid Payments Programme or RPP) developed as part of the SA Reserve Bank’s Vision 2025 and is a giant leap forward in the campaign to modernise payments in SA.
South Africans will now also have an option to pay without knowing the recipient’s banking details. Payments will be made to a bank account or a proxy (such as a mobile phone number) that has been linked to an account or wallet at any bank. Payments can be made from a mobile phone at a low fee to the consumer, in real time and available 24/7.PayShap aims to provide the benefit of a safe and convenient money transfer type of payment, as an alternative to cash, as well as to address the challenge of bank interoperability between money transfer services.
