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.

BankservAfrica launched the instant payments feature in collaboration with the South African Reserve Bank.

“We are very pleased to have Capitec Bank and Discovery Bank onboard for faster payments to be made possible for more individuals and small business owners,” says Mpho Sadiki, Head of Real-time Payments at BankservAfrica.

The system has seen rapid uptake since its launch, exceeding the one-million transaction milestone within six months.

According to Akash Dowra, head of client insights at Discovery Bank, real-time payments made on its platforms are automatically routed through PayShap “where appropriate”.

He added that the system offers clients a seamless and affordable way of making immediate payments.

Busi Radebe, head of card and electronic payments at Capitec, says the PayShap system will help to reduce its customer’s reliance on cash while making everyday transactions more convenient.

“We are thrilled to be part of South Africa’s new digital payment revolution with PayShap,” Radebe added.

The PayShap system offers the following benefits to account holders at participating banks:

  • Payments using cellphone numbers registered with a participating bank, removing the need to exchange banking details;
  • Secure and instant payments;
  • The ability to send or receive money to or from any bank offering PayShap (i.e. PayShap transactions are available between Absa, Capitec, Discovery Bank, FNB, Nedbank, and Standard Bank accounts; and,
  • Payments of any amount up to R3,000.

The R3,000 limit applies to single transactions, with the daily limit set at R5,000.

At its launch, BankservAfrica CEO Jan Pilbauer said the company had a large list of banks that will receive PayShap functionality “in the coming months”.

Account holders at participating banks are assigned a ShapID set as their cellphone number by default, and this ID is linked to their account number.

Registered ShapIDs can be removed anytime, delinking the ID from your bank account number. If a customer’s cellphone number changes, they must register a new ShapID.

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PayShap launches at Capitec and Discovery Bank