Real-time Low-Value Payments Launch In South Africa

South Africa is starting to roll out Payshap, a low-value, interbank, real-time digital payments service that will help more people who don’t have bank accounts get access to money.

The country’s Rapid Payments Programme led to PayShap, which is now a commercial brand. PayShap is an industry-led project that helps the South African Reserve Bank’s plan for the country’s payment system.

When Payshap goes live for the first time this month, users will be able to make instant, real-time payments between participating banks. They will also be able to use an alias to make payments using something other than a bank account number, like a cellphone number.

In the first phase of PayShap, Absa, First National Bank, Standard Bank, and Nedbank will be the first group of banks to join. More banks and other businesses will likely follow.

In the second step, a function called “request-to-pay” will be added. This will make it possible for people to ask for money and get it right away in their bank account.