This follows Discovery Bank, which went live in July, joining Absa, FNB, Nedbank and Standard Bank as part of the PayShap payment network.
With PayShap, funds are transferred within ten seconds, it is less expensive to run and it allows for the use of a proxyID rather than a bank account, improving customer safety. FNB also waived the fee for transactions up to R100. However, for higher value PayShap transactions it charges R6 a transaction. Nedbank charges a flat rate of R1 irrespective of value, while Standard Bank has a flat fee of R7.50. Absa has a tiered pricing approach. They charge R2.50 up to R200; then R7.50 from R201 to R1 000; and for transactions above R1 000, they charge R45.
This is because Discovery fully integrated PayShap into its payment system and does not differentiate between costs for different real-time payment infrastructures.