Thee South African Reserve Bank and BankServAfrica made an official announcement on the debut of a new payment service known as PayShap. Its goal is to expand access to and participation in the banking system.
Users may send up to R3,000 to one another without disclosing their bank account information. The service is not offered as a stand-alone app; rather, it may only be accessed via the typical banking procedures.
The following table provides a comparison of the PayShape and EFT costs that are charged by the four different banks:
| PayShap fees |
| Transaction size | Absa | FNB | Nedbank | Standard Bank |
|---|---|---|---|---|
| Up to R100 | R2.50 | Free |
|
R7.50 |
| R100.01 – R200 | R6.00 | |||
| R200.01 – R1 000 | R7.50 | |||
| R1 000.01 – R3 000 | R45.00 |
By the use of PayShap, account holders at participating banks in South Africa are now able to send and receive fast payments and money without having to reveal their banking information to one another.
The emphasis during the launch will be on payments made from person to person; nevertheless, all South Africans, from proprietors of small enterprises and merchants to large corporations, stand to profit from the new system.