PayShap must be free – Michael Jordaan

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What is the point of PayShap? It does whar instant payments do! Reinventing the wheel, just that some banks charge even more for instant payments via this platform.

A solution to a problem that does not exist?
 
Pax said:
What is the point of PayShap? It does whar instant payments do! Reinventing the wheel, just that some banks charge even more for instant payments via this platform.

A solution to a problem that does not exist?
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An instant payment from Nedbank still takes at least 30 minutes and costs R10 for payments up to R3000

I made a payshap payment from my Nedbank account to my FNB account this morning that cost me nothing and reflected immediately. If the pricing is kept in check it will be replace instant payments for smaller amounts
 
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rvZA said:
It's a crony business. There is no chance it will ever be free. MJ was in the banking industry and he should know this.
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MJ was the pioneer of banking rewards (doing it smartly)

Think my banking is costless for more than 20 years.

So you are say what?
 
Pax said:
What is the point of PayShap? It does whar instant payments do! Reinventing the wheel, just that some banks charge even more for instant payments via this platform.

A solution to a problem that does not exist?
Click to expand...

The problem does exist. instant payments in the banks cost money, and aren't actually instant (can be anything from 30 minutes, to a day).

I agree with MJ though, for this service to take off in all sectors it needs to be free, or as close to free as makes no damn difference to the end user.
 
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It seems people don't understand this thing.

Payshap needs no bank account...so if you really have to, its better to compare it with those cash send services...Shoprite, etc. If the hope is to later replace cash, what good is this silly comparison with instant payments.
 
JustAsk said:
It seems people don't understand this thing.

Payshap needs no bank account...so if you really have to, its better to compare it with those cash send services...Shoprite, etc. If the hope is to later replace cash, what good is this silly comparison with instant payments.
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Are you 100% sure?
 
supersunbird said:
Are you 100% sure?
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No...seem i'm wrong, was just about to edit my post, but i'll leave it.

Was just reading up a bit on their site and it doesn't seem the case.

“PayShap is going to be a game-changer for South African bank account holders,” says Mpho Sadiki, Head of Real-time Payments at BankservAfrica,
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So if its suppose to replace cash, how the hell its gonna do that? Because its the unbanked that you need to address, if you ever want to replace cash.

Those supermarket cash send services are most used by the unbanked, from what i see.
 
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JustAsk said:
No...seem i'm wrong, was just about to edit my post, but i'll leave it.

Was just reading up a bit on their site and it doesn't seem the case.


So if its suppose to replace cash, how the hell its gonna do that? Because its the unbanked that you need to address, if you ever want to replace cash.
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According to: https://www.fintechfutures.com/2023...hap-a-new-real-time-digital-payments-service/
With PayShap, consumers will have access to instant, real-time payments across participating banks, and will be able to use a payment identifier other than a bank account to facilitate transactions.
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The first phase of the rollout will see participation from Absa, First National Bank, Standard Bank and Nedbank, with more banks expected to join in the second phase. The SARB intends to extend the service to non-banks “as soon as it is practically possible”.
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So the "unbanked" will be catered for in a future phase.
 
Pax said:
What is the point of PayShap? It does whar instant payments do! Reinventing the wheel, just that some banks charge even more for instant payments via this platform.

A solution to a problem that does not exist?
Click to expand...
South African way of king people the ANC way
 
Nod said:
According to: https://www.fintechfutures.com/2023...hap-a-new-real-time-digital-payments-service/


So the "unbanked" will be catered for in a future phase.
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Not how i understand it. Non-banks just means, you can later use places like supermarkets to do the paying from....currently its only banks. Unbanked is people with no bank accounts.

Its not a wallet type thing...just a different payment identifier to the same account. You could do that at Capitec, using a cellno and not bank acc, already for a while.

PayShap can only be used by someone with a South African bank account. A customer needs to go on to their banking app and register a ShapID using their cellphone number. Customers who do not have a smartphone will be able to register via USSD, although only Nedbank has already enabled this feature, with the other banks set to offer this shortly.

What is important to understand is that the cellphone number serves as an alias or proxy ID. It has nothing to do with your physical cellphone and the funds are not stored on your cellphone – they are paid directly into your bank account. The ID could have been your South African ID number, for example, or even your name. If your phone is stolen, no one can access the funds.

David Breetzke, head of payments regulatory and governance at Absa Everyday Banking, explains that the cellphone number used as the ShapID must be the one registered with the bank, as this is used to verify the individual, although this process is bank-dependent.

This may be a challenge for people who change cellphone numbers, but Mpho Sadiki, head of real-time payments at BankservAfrica, says experience in countries such as India and Brazil has been that customers tend to keep one cellphone number for their banking needs.

Ravi Shunmugam, CEO of EFT product house at FNB, explains that when you register your ShapID as a cellphone number only, it is called a primary ShapID.

When you register your ID as a cellphone number with the bank’s name (cellphone number@FNB), this is called an account ShapID.

The reason for the different layers of ShapID – primary and account – is to cater for payers who might have accounts with multiple banks registered for the PayShap service and would like to use a single cellphone number across many banks.
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