PayShap transaction fees at launch - Bankserv, Absa, and FNB respond

So just to get this straight, I register my bank account and cellphone number on PayShap. When someone sends me money, they use their PayShap and the money is available immidiately in my bank account?
 
McGuywer said:
So just to get this straight, I register my bank account and cellphone number on PayShap. When someone sends me money, they use their PayShap and the money is available immidiately in my bank account?
Click to expand...
I suspect if is standard PayshapID payment it won't be immediately but since they said transaction I processed 24/7 it means no cut-off time if you pay me now money might be available after certain hours "less than 12 hours" I guess
All Payshap EFT are immediate payment and receiver need to link his/her bank account to payshap
 
Someone who I understand better help me
With ABSA Payshap EFT is R7.50 per transaction "less than R3000" per transaction or what because that table has R7.50 on <R1000 and R45 on <R3000
 
How long before there are Payshap scams and fraud?
 
The implementation seems to be done well.
You register any number to any of your own accounts that you have available to select in your app. When the person pays, they see the name of the account holder, with most of the letters blocked out with *’s and then the name that you wish them to see. Very simple. Just didn’t work when I tried to make a payment, but I am assuming that will be fixed soon.
 
What is the use of pay whatever if banks charge a fee. internet banking is still free subject to the monthly fees. Why use a payment gateway and charge everyone.

How the hell PhonePe works with zero fees and billions of transactions.

Everyone wants to make money out of thin air
 
I'm on al chepo FNB account... EFT costs R1... i'll use this if i need to send someone less than R100 but at R6 ai boetie you can maar wag vir jou geld...
 
I'd always been told about how amazing South Africa's banking system is when compared to the rest of the world, this is no alternative to cash - it's a cash grab for banks...

Having moved to the UK -
  • There are no monthly account fees.
  • There are no transaction fees.
  • There are API's that connect my bank accounts to my business accounting package.
  • Payments happen instantly by default (and there's no cutoff nonsense)
  • When payments go through, they automatically check the name on the account matches.
That's the most obvious stuff, but SA banking really does look 3rd world.

D
 
damian24 said:
I'd always been told about how amazing South Africa's banking system is when compared to the rest of the world, this is no alternative to cash - it's a cash grab for banks...

Having moved to the UK -
  • There are no monthly account fees.
  • There are no transaction fees.
  • There are API's that connect my bank accounts to my business accounting package.
  • Payments happen instantly by default (and there's no cutoff nonsense)
  • When payments go through, they automatically check the name on the account matches.
That's the most obvious stuff, but SA banking really does look 3rd world.

D
Click to expand...
Just to illustrate how backwards it actually is. I moved back here from the UK in 2005. I can't remember the rest but payments were instant and I never paid bank fees. The UK banking system has evolved leaps and bounds since then compared to SA's archaic system.

When I first heard they were working on a new instant payment system I just assumed they'd finally done away with this ridiculous multi day interbank delay.

How good Payshap actually is remains to be seen but even this "innovation" feels 3rd world.
 
RedViking said:
They could have called it bobpay :sneaky:
Click to expand...
That takes me back to the 80's/90's :-)
Barkleys Omni Bank. The BOB ATMs.
Somehow FNBOB never caught on. :-P

Did they have the Denim account for teens, or was that another bank?
I think Volkskas had the "Tempo" for teens.

What was the others you remember?
Did United Bank / Trust Bank / Allied Building Society / NBS have a package for specifically for teens?
 
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