TymeBank has become the latest institution to offer PayShap, a real-time payment service created by BankservAfrica, the Payments Association of South Africa and the South African Reserve Bank. This system aims to make payments safer, faster and more cost-effective, reducing the country’s reliance on cash. It’s available for free to TymeBank’s 7.6 million customers for all payments up to the R3 000 limit made to a cell phone number (ShapID). TymeBank now offers the lowest transaction fees within PayShap’s system, while Standard Bank and Absa are the most expensive with R7.50 per transaction, in the R200 to R1 000 price brand. Discovery Bank clients could pay the most in the R1 000 to R3 000 price band, at R12 per transaction.
