PayShap – the brand name for a rapid payments program developed as part of the SA Reserve Bank’s vision to simplify and make real-time payments more affordable and efficient, even for those without a bank account – is a new payment rail the South African banking industry has been working on over the past five years.From a banking customer perspective, PayShap is simply another payment channel to add to the options that are already available.
PayShap – the brand name for a rapid payments program developed as part of the SA Reserve Bank’s vision to simplify and make real-time payments more affordable and efficient, even for those without a bank account – is a new payment rail the South African banking industry has been working on over the past five years.While instant transfers using the RTC rail settle on the same day, they are not truly instantaneous and not as cost-effective.
At any rate, about 80% of electronic funds transfers made are for less than R3 000, meeting the requirements of most people who wish to do instant payments.Breetzke says the industry has agreed to this limit because it still needs to understand banking behaviours related to the adoption of PayShap. According to Dayalan Govender, head of solution innovation at Nedbank, cash continues to play a huge role in the economy, with R166 billion circulating in notes and coins, and R70 billion per month flowing through the ATM and branch networks.
Banks are hoping this will encourage the “unbanked” to open bank accounts or to use the bank accounts they already have to transact rather than draw cash. What is important to understand is that the cellphone number serves as an alias or proxy ID. It has nothing to do with your physical cellphone and the funds are not stored on your cellphone – they are paid directly into your bank account. The ID could have been your South African ID number, for example, or even your name. If your phone is stolen, no one can access the funds.
When you register your ID as a cellphone number with the bank’s name , this is called an account ShapID. If someone has not registered their bank account with a ShapID, you can still make a payment using their account number. It will be instantaneous, but may attract a fee.What it costs
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