PayShap records 30 million transactions valued at R19.5 billion since launch

Jan

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PayShap hits R19.5 billion

The South African Reserve Bank and BankervAfrica's PayShap system has recorded 30 million transactions valued at R19.5 billion since its launch.

The Rapid Payments Programme went live in March 2023, letting South African banking customers send and receive money using their cellphone number as a stand-in, or proxy, for their bank account number.
 
I do a couple PayShap transactions every month. It's a useful service
 
Ive never even heard of this before
 
So approx 80,000 transactions a day - is that a lot? I doubt it. Not once has bankserv shown how many transactions are done via eft (instant or otherwise) because like has been said in this thread, this should have been free, then you would have seen adoption gone through the roof.
 
Ecco said:
So approx 80,000 transactions a day - is that a lot? I doubt it. Not once has bankserv shown how many transactions are done via eft (instant or otherwise) because like has been said in this thread, this should have been free, then you would have seen adoption gone through the roof.
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It's a drop in the ocean compared to other payment methods but it's a lot more than I expected for PayShap.

It's extremely disappointing that low value transactions aren't free, and secondly, each bank charging their own rates makes it a confusing mess. Typical of a payments system created by a committee of bankers. PayShap had the potential to spark a payments revolution in this country. Unfortunately, like eWallet, the banks got greedy. It will chug along but never reach it's full potential of enabling payments for the unbanked.
 
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