
Subscribe & Follow
Jobs
- Repo Agent / External Debt Collector Tshwane
- Financial Accountant Randburg
- Risk Analyst - Financial Risk Management / Insurance Remote Location
- Insurance Sales Consultant George
- Motor Insurance Claims Consultant George
- Call Centre / Debt Collection Agent Stellenbosch
- Finance Intern Cape Town
- Manager - Ethics and Forensic Services Cape Town
- Senior Bookkeeper - Half Day Ga-Rankuwa
- Finance Assistant Stellenbosch
PayShap reaches 30 million mark

“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,” says Stephen Linnell, chief executive officer of BankservAfrica.
According to BankservAfrica, the gradual migration of transactions from legacy payment rails to PayShap by some participating banks has contributed to the rising transaction numbers.
This transition forms part of the industry’s payments modernisation strategy, leading to a lower cost system for real-time payments that will potentially bring in more of the unbanked and underbanked into the financial system.
In May 2023, the number of PayShap transactions stood at 250,000, with four participating banks onboard. This has since grown with six more participating banks joining the PayShap community, bringing the total number to 10 active participants. More banks will soon be onboarded.
The consumer uptake of the PayShap service continues to strengthen as shown by the number of registered ShapIDs increasing to over 6 million since launch. This unique identifier allows users to receive payments using their bank-registered cellphone numbers thereby simplifying a payment and increasing accessibility for users.
“As part of our market drive for PayShap, we will continue to focus our efforts on broadening adoption, especially as we prepare to introduce the Request-to-Pay feature later this year for small business owners and merchants,” ends Linnell.
Related
Salaries in South Africa surpass expectations with strong January growth 26 Feb 2025 December 2024 holiday consumer spend shows signs of growth 29 Jan 2025 BETI still treading water but positive economic trend continues 17 Dec 2024 Game changer for payments: PayShap Request debuts 26 Nov 2024 The average take-home pay reaches highest level yet in September 25 Oct 2024 Economic optimism grows: BETI shows highest levels since March 2022 11 Sep 2024
