UPDATE GIGS MEDIAUPDATE GIGS MEDIA
  • Home
  • Entertainment
  • Business & Finance
  • Education
    • Scholarships
  • Lifestyle
    • Health & Fitness
    • Travel
    • Dating & Relationships
    • Do it yourself
  • Tech
  • Privacy Policy
Facebook Twitter Instagram
Facebook Twitter Instagram
UPDATE GIGS MEDIAUPDATE GIGS MEDIA
CONTACT US
  • Home
  • Entertainment
  • Business & Finance
  • Education
    • Scholarships
  • Lifestyle
    • Health & Fitness
    • Travel
    • Dating & Relationships
    • Do it yourself
  • Tech
  • Privacy Policy
UPDATE GIGS MEDIAUPDATE GIGS MEDIA
Home » PayShap launches in South Africa to enable real-time digital payments
Tech

PayShap launches in South Africa to enable real-time digital payments

adminBy adminMarch 13, 2023No Comments2 Mins Read
Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit Email
payshap.webp.webp
Share
Facebook Twitter LinkedIn Pinterest Email


PayShap, an interbank, and real-time digital payments service built as a collaborative effort between Bankserv, a clearing house owned by South African commercial banks, and the South Africa Reserve Bank ,will launch for the general public on Monday, March 13.

PayShap claims to offer an easy and safe way for banked and underbanked consumers to make low-value (initially up to R3000) payments to one another in real-time irrespective of where they bank.

“The launch of PayShap is a major milestone for South Africa’s payments modernisation journey. Payshap aims to reduce consumers’ dependency on cash and move to a more digital payments future,” said Mpho Sadiki, head of real-time payments at BankservAfrica.

The rollout of PayShap will be in two stages, with the first involving the launch of the PayShap instant clearing feature that gives the option to pay-by-account (using account details) or pay-by-proxy (using a unique identifier such as a cell phone number (ShapID).

Advertisements
Advertisements

The second stage will introduce an additional request-to-pay function which makes it possible for a person to request payment and receive money securely and immediately in their bank account.

PayShap will be available to everyone as long as both the payer and recipient’s banks both offer the service.

“The launch of PayShap is a major milestone for South Africa’s payments modernisation journey. Payshap aims to reduce consumers’ dependency on cash and move to a more digital payments future,” added Sadiki. 

“It’s the year of big change for payments in Mzanzi and we believe that PayShap will accelerate the pace of digital payments adoption for all South Africans.”

Get the best African tech newsletters in your inbox

More latest updates

  • My son and his partner bought a new build with Help to Buy – do they now lack the income to remortgage?
    My son and his partner bought a new build with Help to Buy – do they now lack the income to remortgage?
    by admin●September 14, 2023
  • Over two thirds of councils have no plans to install residential on-street chargers for electric cars
    Over two thirds of councils have no plans to install residential on-street chargers for electric cars
    by admin●August 15, 2023
  • 👨🏿‍🚀TechCabal Daily – Worldcoin goes global
    👨🏿‍🚀TechCabal Daily – Worldcoin goes global
    by admin●July 25, 2023
  • Nigerian insurance startup, MyCover.ai closes $1.25m pre-seed fund
    Nigerian insurance startup, MyCover.ai closes $1.25m pre-seed fund
    by admin●July 24, 2023

Share this:

  • Tweet
Advertisements

Advertisements

Related

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
admin
admin
  • Website

Related Posts

👨🏿‍🚀TechCabal Daily – Worldcoin goes global

July 25, 2023

Nigerian insurance startup, MyCover.ai closes $1.25m pre-seed fund

July 24, 2023

Kenya tax authority goes for Upwork freelancers in new tax net

July 24, 2023

The middle ground for Africa’s traditional economy vs. gig economy

July 24, 2023

eTranzact reports N1.17 billion profit after tax for 2022

July 24, 2023

Africa Walk to dispel myths about investing in the creative industry

July 24, 2023
Stay In Touch
  • Facebook
  • Twitter
  • Instagram
  • YouTube
Don't Miss
Tech

Has NFT found its biggest mainstream proponent yet in Africa?

By adminApril 13, 2022

The past few days have been good for NFT in Africa—Nigeria and Ghana, to be…

Share this:

  • Tweet

👨🏿‍🚀 TechCabal Daily – MTN is accelerating mobile money in Nigeria

April 13, 2022

Didi shuts down operations in South Africa

April 13, 2022

Back from the future: How embedded finance changed the world

April 13, 2022

Can Hytch succeed where GoMyWay failed?

April 13, 2022

More African central banks are considering digital currencies

April 13, 2022

This bootstrapped drone startup is promoting smart farming in Zimbabwe

April 13, 2022

The Next Wave: Africa does not know itself

April 13, 2022

TechCabal Daily – Kenya’s new law for content creators

April 14, 2022

INDUSTRY EXPERTS DISCUSS THE GROWTH AND FUTURE OF FINTECH IN NIGERIA AND INDIA IN SYMPOSIUM BY CLI COLLEGE, NIGERIA AND CHRIST UNIVERSITY, INDIA

April 14, 2022

28 days after launching investment arm, Luno crosses 10m user base

April 14, 2022

👨🏿‍🚀 TechCabal Daily – The war for Twitter

April 15, 2022

Digital Nomads: Julian Owusu’s journey from football to fintech

April 15, 2022

In the wake of explosive accusations against Africa’s most valuable startup, Flutterwave co-founder speaks

April 16, 2022
Advertise with us
update gigs advert images
LATEST

My son and his partner bought a new build with Help to Buy – do they now lack the income to remortgage?

September 14, 2023

Over two thirds of councils have no plans to install residential on-street chargers for electric cars

August 15, 2023

👨🏿‍🚀TechCabal Daily – Worldcoin goes global

July 25, 2023
About Us
About Us

We are dedicated to bringing you news from around the world that is entertaining, educative, informative and self inspiring.. Your source for the lifestyle news.

We're accepting new partnerships right now.

Email Us: updatemedia050@gmail.com

Subscribe to Updates

Get the latest news from Update Gigs Media about entertainment, sports, lifestyle, art, design and business.

Facebook Twitter Instagram
© 2023 Designed by Ntechy Digital System.

Type above and press Enter to search. Press Esc to cancel.