BankServ on Monday, 13 March 2023, launched a new digital payment system called PayShap, in collaboration with four (4) major banks in the country.
Absa, First National Bank, Nedbank, and Standard Bank are the participating banks in this new payment system.
PayShap is designed to simplify payments and make them more affordable. Here’s everything you need to know about PayShap.
What is PayShap?
PayShap is an instant interbank electronic payment method that enables users to make or receive payment directly into a bank account using a bank account number, a registered cellphone number (ShapID), or a registered business name or identifier (Shap Name).
How can I start using PayShap?
PayShap is automatically available to you through participating banks’ banking channels, such as cellphone banking (app and USSD) and internet banking. Simply log in to your banking app/internet banking, look for the PayShap icon, and follow the prompts.
Currently, Absa, FNB, Nedbank, and Standard Bank are participating in the PayShap system, and more banks like Capitec, Tyme Bank, and more will be offering PayShap soon.
How can I pay someone using PayShap?
To pay with PayShap, you and the person you are paying will need to bank with a PayShap participating bank. To make a PayShap payment, log in to your cellphone banking app/internet banking profile, look for the PayShap icon, and select the recipient’s registered cellphone number (ShapID) or their bank account number.
PayShap transactions are processed instantly, and the money is available in the recipient’s bank account within seconds. You can send or receive up to a maximum of R3000 per PayShap transaction.
How long does a PayShap transaction take to process?
PayShap transactions are processed instantly, and the money is available in the recipient’s bank account within seconds. Once a PayShap transaction has been finalized, it cannot be reversed. Therefore, before finalizing a PayShap transaction, it is important to confirm that you are paying the right person. Your bank will help you by presenting the recipient’s bank account number or ShapID and their “known as” name.
