rapid payments system has experienced strong growth since inception, and is preparing to expand to local small businesses and merchants later this year.one year ago, PayShap enables instant digital payments between banks via a real-time clearing system that processes transactions within 60 seconds.
BankservAfrica says SA’s first interbank and interoperable service facilitated over 14 million transactions, with a settlement value in excess of R9 billion, from 13 March 2023 to 29 February 2024. “As a direct response to the South African Reserve Bank’s Vision 2025 to improve financial deepening by building trust and familiarity with electronic payments, PayShap is fast becoming recognised as a trusted digital peer-to-peer payment solution in less than a year,” says Stephen Linnell, CEO of BankservAfrica.
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