PayShap should be free - Michael Jordaan

Bank Zero, Capitec and Tyme bank need to lead the charge on this.

Expecting the other banks to innovate is wishful.

Bank Zero especially benefits from having free instant EFT to other banks. Sets them up very nicely as a secondary bank for everyone.
 
someone always has ways to make money out of thin air like carbon tax god knows where the money goes....if they can run this without need of bank account and your phone number works as ur bank account many who can not afford to open bank accounts can operate online
 
Wait till they can use it to claim their SASSA grants and see how much they care about extortionate transaction fees.

One step closer to a CBDC and a failed state.
 
Anything more than R2 which Capitec currently charge is a non starter and gauranteed to fail.
 
BEB said:
The effort of a computer system to transfer R1 vs R3000 (or even R3m) is exactly the same. I don't know why it costs more to transfer higher values.
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I don't think that is exactly true. But I am all for larger transfers subsidizing smaller transfers. I think everything below R5k should be free. But transferring R3 m does have a definite cost that is more than R1 or R3k.
 
There's no reason electronic transactions should cost anything and this can even become a way to bank and withdraw cash. But no, our banks will always want to turn everything into a money making scheme.
 
neoprema said:
This Michael dude talks a lot.
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And puts his money where his mouth is. Bank Zero is about as free as possible.

Since July last year I have paid R69.56 in fees.
R69 for the Pargo delivery of the card, and 0.56 because I tried to do a card payment without enough money in the account.
 
konfab said:
And puts his money where his mouth is. Bank Zero is about as free as possible.

Since July last year I have paid R69.56 in fees.
R69 for the Pargo delivery of the card, and 0.56 because I tried to do a card payment without enough money in the account.
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Same here - loving Bank Zero and the people behind it. I got onboard when it was still invitation only in 2021 and had a bit of back and forth with them while they were sorting out the app on Xiaomi phones (had a bit of an issue with the power management tombstoning the app).

Currently I am with Bank Zero, Tyme and ABSA. The later will get ditched once my bond is settled in 3 years. I absolutely despise cocky traditional banks and their fees.
 
Rouxenator said:
Same here - loving Bank Zero and the people behind it. I got onboard when it was still invitation only in 2021 and had a bit of back and forth with them while they were sorting out the app on Xiaomi phones (had a bit of an issue with the power management tombstoning the app).

Currently I am with Bank Zero, Tyme and ABSA. The later will get ditched once my bond is settled in 3 years. I absolutely despise cocky traditional banks and their fees.
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I must say ABSA is especially ridiculous with their R45 fee. I what universe do they live? I was hoping they have moved on in the 20 years I left them (when I had to pay for internet banking, a fee because I havent written a check etc). Now R45 for Payshap? Wtf.
 
PayShap is intended to displace cash from the economy by allowing for instant transfers, which the receiver can verify in real-time.
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Can we rather use it to zero merchant fees and foreign amount fees for credit card payments?
 
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