MTN and Investec launch PayShap instant payments on mobile money service

MTN South Africa partnered with Investec and Electrum to bring PayShap to its MTN Mobile Money (MoMo) service.

PayShap is a real-time, low-value, interbank digital payments service launched by the South African Reserve Bank earlier this year.

The service exceeded the one million transaction milestone within six months of its market launch.

PayShap is already available through most banks, including Absa, Nedbank, Standard Bank, FNB, Capitec, and Discovery Bank.

MTN is now introducing PayShap to its MoMo platform to provide its users with an instant, cost-effective payment system. MoMo is the first non-banking player to offer PayShap.

MTN South Africa’s Fintech CEO, Bradwin Roper (pictured), said integrating PayShap on MoMo will help to drive financial inclusion.

“This strategic collaboration will empower our users, especially the unbanked community, with accessibility and convenience,” he said.

Investec Bank CEO Cumesh Moodliar said Investec, as the banking partner for the service, shows its commitment to enabling financial inclusion.

“By bridging the gap between traditional banking and mobile solutions, we aim to foster a financial ecosystem that serves all segments of society,” he said.

PayShap follows successful global models, such as Reliance Jio and UPI AutoPay in India, where 80% of transactions are executed through a similar rapid payment solution.

Roper said this makes them excited about the future of the PayShap solution in South Africa.

“It represents a significant milestone in the evolution of digital finance in South Africa and will connect more people to safer and more efficient mobile payments,” he said.

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MTN and Investec launch PayShap instant payments on mobile money service