BankservAfrica, Reserve Bank, PASA, banks launch PayShap rapid payments system

[Jan]

PayShap launches in South Africa

The South African Reserve Bank (SARB), BankservAfrica, and four prominent banks launched PayShap on Monday, 13 March 2023.

The Rapid Payments Programme will go live with the four banks immediately, meaning FNB, Absa, Nedbank, and Standard Bank customers can use the payment channel from today.

 

[GhostSixFour]

Using your cellphone number as substitute for a bank account number. In a country where sim swaps happen, randomly. Yeah. What can go wrong.

 

[backstreetboy]

Not launching with the biggest bank in the country Capitec? It's DOA.

 

[Nineteeneightysix]

R7.50 is a joke.

 

[Acinixys]

R7.50 is a joke.

Actually pretty cheap considering some banks are charging R50!

 

[blunt]

Actually pretty cheap considering some banks are charging R50!

FNB pay and clear now is R45, PayShap and their "FNB Instant Pay" (pays to a card number, also max R3k) is R7.

Check FNB's pricing guide for reference.

 

[McGuywer]

The fee nullifies this.

 

[yogidabear]

If we are trying to copy Pix in Brazil the fees will kill it. This will not reduce cash use

Pix transfer fees.
With no transfer fees for personal users and a small cost of just 0.01 Reals for every 10 transfers for businesses, Pix makes the cost of transactions almost inexistent. This is a comparable difference to that of traditional debit and credit card companies, which may charge fees for every transaction their users make.

 

[Joseph matane]

Sadly ABSA said PayShap is for business accounts only this is disappointing

 

[Praemon]

Here's the fees I could find:

1. ABSA

• R2.50 - Less than or equal to R200
• R7.50 - From R200.01 to R1000
• R45.00 - From R1000.01 to R3000 (wtf?!)

2. FNB

• Free for R100 or less
• R6 for over R100

3. Nedbank - R1

4. SBSA - R7.50

Only Nedbank seems to understand what a low-cost payment service is meant to be. But ultimately, this has to be free for personal usage to have any adoption.

 

[grca]

Not launching with the biggest bank in the country Capitec? It's DOA.

I don't understand the excitement. Capitec has had mobile number based payments for years already, and it was entirely free. Obviously it was limited to Capitec customers only.

Congratulations to the big four for finally upgrading.

 

[sjm]

I don't understand the excitement. Capitec has had mobile number based payments for years already, and it was entirely free. Obviously it was limited to Capitec customers only.

Congratulations to the big four for finally upgrading.

The big four have also had their own individual number based payments for years (FNB's eWallet was launched in 2009). This is a cross-bank initiative (you can pay someone at a different bank and my understanding is that it'll go to their account and not need to be withdrawn at an ATM).

 

[yogidabear]

3. Nedbank - R1

4. SBSA - R7.50

Only Nedbank seems to understand what a low-cost payment service is meant to be. But ultimately, this has to be free for personal usage to have any adoption.

Nedbank is R1 for ShapID and then R7.50 so they unfortunately also out. Your right though if there was a R1 fee between banks for up to 3k it could be used. Maybe the banks would make even more money if they did this as look at the number of transactions in Brazil. Now they will get R7.50 x (way less)

 

[Gimli_]

How sad. Bankserv are greedy bastards.

 

[DapperDanMan]

PayShap

If the police gets in on it, will it be PaySharrap?

 

[Mike Hoxbig]

I don't understand the excitement. Capitec has had mobile number based payments for years already, and it was entirely free. Obviously it was limited to Capitec customers only.

Congratulations to the big four for finally upgrading.

Oh dear, go check when each bank launched a mobile number based wallet. That's been around for ages.

This is interbank payments using your mobile number.

It's ok if you can't tell the difference and didn't get it the first time, you are a Capitec customer after all...

 

[Gaz{M}]

What informal trader is going to be willing to lose money to fees for a serving of street food or small day job?