During the launch of PayShap – a new low-fee fast payment system launched by BankservAfrica in collaboration with the South African Reserve Bank (SARB), BankservAfrica CEO Jan Pilbauer said that the legacy banks (Absa, Standard Bank, FNB , Nedbank and Capitec) will change.
Pilbauer noted that South Africa is adopting more modern and flexible payment systems to ensure the economy can improve.
Payshap aims to revolutionize low-value transactions in South Africa, allowing consumers using popular commercial banks to send up to R3,000 with just a phone number.
The system is currently available from Standard Bank, Absa, Nedbank and FNB. However, more banks, including Capitec, Investec, Discovery, TymeBank and Standard Chartered, are expected to integrate the new system in the future.
Pilbauer said the new system plays a role in providing security and soundness of transactions, while doing so quickly.
The new system is designed to make paying for gardening, cleaning, taxis and car guards more efficient and convenient, with the overall intention of bringing more people into a cashless society.
The adoption of the PayShap framework provides another example of commercial banks in South Africa taking a step towards rapid modernization and a more “digitally inclusive” banking system.
