SA's new 'cash-like' payment system promises to be the cheapest way to transact in SA | Business

Banks say Payshap will be the cheapest way to send money immediately, cheaper than their own instant money services.Banks say it will be the cheapest way to send money immediately, and will be even cheaper than their own instant money services.For more financial news, go to the SA's new instant digital payment system is at least six times faster than banks' current instant payment services, and will still be cheaper, too. "We wanted it to be cash-like.

Tshazibana said most people still prefer to take their cash in hand, particularly domestic workers, hawkers and people living in townships and rural areas. Many are concerned about bank charges. Furthermore, with money in the bank, it takes money to get it out because they have to travel to get to ATMs.

"It doesn't matter who you bank with, whether you decide to hold your money or what you want to pay for … Payshap has been built with the end-user in mind," said Pilbauer.

_Business Waiting for the banks of approve it

_Business We need a wallet system whereby we as individuals become “banks” no money needs to go via the banking system. Similar as crypto, however much simpler. It might also be managed by Blockchain tech. For instance, A pay B. Immediate tranfer from A to B. and B pay his/her stuff etc.

_Business Who owns it

_Business What's good enough for the Prez is good enough for me. But thanks

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