BankservAfrica and the Payments Association of South Africa (Pasa) launched a new real-time payments service in mid-March 2023, with Absa, FNB, Nedbank and Standard Bank. Supporting bank customers can link their cellphone numbers to their bank accounts, allowing them to use ‘ShapIDs’, instead of bank account numbers to receive payments. At present, PayShap allows customers to transfer up to R3 000 in one transaction. However, the article is critical of the new system, pointing out that “…unless you desperately need payments to clear immediately, banks offer almost no incentive to use PayShap”.
