MTN South Africa partnered with Investec and Electrum to bring PayShap to its MTN Mobile Money (MoMo) service.<\/p>\n
PayShap is a real-time, low-value, interbank digital payments service launched by the South African Reserve Bank earlier this year.<\/p>\n
The service exceeded the one million transaction milestone within six months of its market launch.<\/p>\n
PayShap is already available through most banks, including Absa, Nedbank, Standard Bank, FNB, Capitec, and Discovery Bank.<\/p>\n
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.<\/p>\n
MTN South Africa\u2019s Fintech CEO, Bradwin Roper (pictured), said integrating PayShap on MoMo will help to drive financial inclusion.<\/p>\n
\u201cThis strategic collaboration will empower our users, especially the unbanked community, with accessibility and convenience,\u201d he said.<\/p>\n
Investec Bank CEO Cumesh Moodliar said Investec, as the banking partner for the service, shows its commitment to enabling financial inclusion.<\/p>\n
\u201cBy bridging the gap between traditional banking and mobile solutions, we aim to foster a financial ecosystem that serves all segments of society,\u201d he said.<\/p>\n
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.<\/p>\n
Roper said this makes them excited about the future of the PayShap solution in South Africa.<\/p>\n
\u201cIt 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,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
MTN South Africa partnered with Investec and Electrum to bring PayShap to its Mobile Money (MoMo) service.<\/p>\n","protected":false},"author":23,"featured_media":533785,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10106],"tags":[68986,93987,35,24162,42,68156,84733],"class_list":["post-533783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-bradwin-roper","tag-cumesh-moodliar","tag-headline","tag-investec","tag-mtn","tag-mtn-momo","tag-payshap"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/533783"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=533783"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/533783\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/533785"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=533783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=533783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=533783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}