The SA Reserve Bank and clearing house BankservAfrica will launch a new rapid payment programme, Payshap, on Monday.It will allow people to save money in wallets and pay others without paying the fees banks currently charge.On Monday, a new payment system will be launched – which could finally help wean South Africans off cash.
You will be able to send money using vouchers and PIN codes, and recipients won't have to cash out that money first to perform another transaction. Payshap will allow them to make payments from their new balance to other people, and soon also via apps like WhatsApp. A similar payment system, also backed by a central bank, exploded in Brazil after its launch in 2020, with more than two-thirds of adults now using it.
MandelaMinutes _Business Ridiculous that this introduced now , it’s a cartel these banks and RB , charge you for keeping, despairing, withdrawing , transferring , viewing , et al your own funds meanwhile charging you further for an account ! It’s the biggest con this century
_Business What have you been waiting for ? Money should be cleared instantly as a default setting not this Tsotsi way u nee to pay R49 and above … no no … South Africa is always late to adopt things … our SARB is full of redtapes and favours anything that benefits the big 4 banks 😢😢
_Business Capitec is the cheapest at R7.50 😏