According to BankservAfrica, Payshap transactions have surged to 30 million, with a value of R19.5 billion, since its launch in March 2023.
“We are thrilled to report on the exceptional growth for this service stemming from the industry-led Rapid Payments Programme, which supports ongoing efforts to modernise the National Payment System and deepen digital financial inclusion,” said Stephen Linnell, CEO of BankservAfrica. BankServAfrica said that the gradual migration of transactions from legal payment rails to PayShap by the participating banks has led to a rise in transaction numbers,
The transition forms part of the industry’s payments modernisation strategy, which will lead to a lower-cost system for real-time payments that will help bring in more unbanked and underbanked into the financial system. In May 2023, the number of PayShap transactions stood at 25,0000, with the “Big Four” banks participating.Comparing prices between the ten participating banks can be challenging, as each bank has its own transaction limits.However, depending on the bank’s criteria, charges can range from R0.00 to R27.00 for transactions between R1,000 and R3,000.– Payments below R100 are free between ShapIDs | R0.50/R100.00 over R100.00 on ShapIDs – R7.50 to bank accounts.
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