Absa quietly changes default payment method from regular EFT to PayShap

[Tim_vb]

This explains the push behind cashless in SA:

For a significant percentage of South Africa’s population, cash is still king. Around a quarter of banked South Africans and 16% of the population who are unbanked remain financially excluded from the modern banking system by transacting solely in cash.

PwC South Africa was selected by BankservAfrica, Africa's premier automated clearing house, to lead the way in implementing a groundbreaking new payment rail in the country.

PayShap, co-created by the banking industry, BankservAfrica, the Payments Association of South Africa and PwC, enables instant proxy payments more affordably and effectively than any other existing payment rail. The real-time payment platform was developed by a multidisciplinary team over four years to create a superior alternative to cash and modernise the payment landscape in the country.

https://www.pwc.co.za/en/about-us/africa-annual-review/payshap-developing-new-digital-payment-tool.html

It's a copy of the Brazilian and Indian systems. So a BRICS idea:

In 2024, India’s Unified Payments Interface (UPI), supported by the National Payments Corporation of India (NPCI) under the Reserve Bank of India, and Brazil’s Pix, developed by the Central Bank of Brazil, together accounted for over 60% of all real-time payment transactions globally. These open banking initiatives have set new global benchmarks for scale, accessibility, and innovation in the digital payments landscape. In contrast, South Africa’s PayShap is still in its early stages.

Unlocking PayShap: Lessons from UPI and Pix

Discover how South Africa’s PayShap can scale by learning from India’s UPI and Brazil’s Pix—two global leaders in real-time, inclusive digital payments.

ozow.com

Banks want citizens to be cashless. That way, they can charge what they like for transactions. Cash attracts no transaction fees. PwC has vested interests in cashless. Tellingly, they won't reveal their directors on the internet:

Corporate Address
Our national office is located at the following address, where a list of directors is available for inspection:

Physical address
4 Lisbon Lane, Waterfall City,
Jukskei view, 2090

Postal address
Private Bag X36
Sunninghill, 2157

https://www.pwc.co.za/en/about-us.html

And the Private bag address gives a lot away. Only the government uses the Private Bag address. Which big BEE connection is there that is in the government?

let me tell you boet, tinfoil isnt even real tin - its aluminium. Who benefits from this not our honest to goodness god fearing mom and pop tin producers but giant globalist aluminium producers. Here we are wrapping our heads in aluminium and getting a fraction of the protection that a honest tin hit would provide!

 

[Mariner]

let me tell you boet, tinfoil isnt even real tin - its aluminium. Who benefits from this not our honest to goodness god fearing mom and pop tin producers but giant globalist aluminium producers. Here we are wrapping our heads in aluminium and getting a fraction of the protection that a honest tin hit would provide!

No evidential refutation? Just a personal attack?

 

[Nerfherder]

Thought the whole point of Payshap was it was free!?

No the whole point is that its instant.

No payment is going to be free.

 

[supersunbird]

And the Private bag address gives a lot away. Only the government uses the Private Bag address. Which big BEE connection is there that is in the government?

 

[Tim_vb]

View attachment 1844780

but how do you know they are not a secret gov entity distributing reasonably priced microwaves with built in mind control rays

 

[BBSA]

Vote with your wallet....

 

[Tim_vb]

No evidential refutation? Just a personal attack?

It's not worth to refute a conspiracy typically it only reinforces their beliefs

 

[Mariner]

View attachment 1844780

Thank you. A correction is required.

A Private Bag is a bulk mail facility that the Post Office delivers to the customer.

In South Africa, the X indicated a government address. The X indicating a government address was common knowledge before email. Remember that government mail was free and used envelopes indicating such, and the penalty for using such an envelope for private mail to avoid postage was printed on it.

In South Africa, the private bag number may also contain letters.

It differs from PO box delivery in that whereas the holder of a PO box has to go to the post office in order to collect mail, the mail sent to a private bag is dispatched to the holder by a mail contractor.

Private bag​

In other countries, particularly South Africa, New Zealand and Fiji, the term private bag is used.

University of AucklandPrivate Bag 92019Auckland 1142[4]
In Fiji the usage is similar to New Zealand

FSC LimitedPrivate Mail Bag,LautokaFiji[5]

Department of Home Affairs
Private Bag X114
Pertoria 0001

Private mail bag - Wikipedia

en.wikipedia.org

 

[Mariner]

but how do you know they are not a secret gov entity distributing reasonably priced microwaves with built in mind control rays

Ok, you've had your fun. Go play somewhere else now.

 

[NR7]

Instant payment from my Discovery and Standard Bank accounts have been Payshap for a while too. Cheaper than the old instant EFTs if I'm not mistaken.

 

[Goosfrabba]

Try do a payment for less than 3k as thats the payshap limit

Payshap can go up to R50 000 now

 

[LCBXX]

PayShap is not getting the traction it promised so the Banks are getting coerced, no?

 

[Swa]

Payshap can go up to R50 000 now

It can go even higher but most banks have their payment tiers structured towards R3k and R50k.

 

[yogidabear]

Payshap can go up to R50 000 now

The limit that the ABSA app stops trying to use payshap. So R3500 will then defer to instant as the preferred.

Another gift from ABSA was they mail statements and charge you R50, yet you are unable to stop the main account from your app and have to go to the bank. Any additional account can be changed but not the main one.

Even so they are not the worst bank in SA for me, but pretty much just use their cash tracker / money market

 

[Johand]

These Dark Patterns is busy coming from the US into our local market. The "tips" on credit card machine with high defaults and a bunch of other nonsense is another thing.

But with Reserve Bank opening the payment system hopefully the banks can get some proper competition.

 

[Alexander the Straight]

Discovery Bank sneakily started transferring all interest earned from notice accounts to transactional accounts that earn very little interest.

 

[YM_80]

I see I am suddenly paying a "FNB to other" fee at FNB as well, which I certainly wasn't being charged a month or two back. Agenda 2030 is in full swing I see.

Yup. And they only add that fee a few days AFTER month-end, but back-date it as if they processed it with the other month-end fees.

 

[Tim_vb]

Yup. And they only add that fee a few days AFTER month-end, but back-date it as if they processed it with the other month-end fees.

is it an instant payment though?

 

[notayoba]

IMHO it should be up to the bank to determine the best way to route a payment. They must figure out which way will be the cheapest/fastest and just do it. Why ask the consumer to choose.

It's like a courier company asking me if I want my parcel to go on a Nissan or Toyota bakkie, and if I want the driver to stop for a pie or a sandwich. I don't fkn care, just send the parcel.

 

[Bad Ballie]

is it an instant payment though?

Difficult to say, it comes through as a single fee not tied to any specific payment.