Capitec and Discovery Bank get PayShap support

[Jan]

PayShap launches at Capitec and Discovery Bank

PayShap — the rapid payments programme launched in March 2023 — has expanded to more banks, with Capitec and Discovery Bank being the latest to add the system to their platforms.

At launch, the instant payments system was available through four major South African banks: Standard Bank, Nedbank, Absa, and FNB.

 

[RudderVator]

Why does the limit have to be so low? Would 10k-25k not be a game changer?

 

[Praemon]

Likely due to fraud since the payment clears immediately, although how that differs to someone doing an immediate payment through the old method is not clear. They did say limits would be adjusted based on feedback. Probably around R5k makes more sense.

 

[schuits]

Why does the limit have to be so low? Would 10k-25k not be a game changer?

Higher amounts aren't instant as keeping transfers in the system means more profit for them?

 

[bwana]

Why does the limit have to be so low? Would 10k-25k not be a game changer?

Capitec customers can't afford that sort of cheddar.

 

[deweyzeph]

Why does the limit have to be so low? Would 10k-25k not be a game changer?

This payment system is obviously targeted towards lower LSMs.