went live<\/a> 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.<\/p>\n“We are thrilled to report on the exceptional growth for this service stemming from the industry-led Rapid Payments Programme,” said BankservAfrica CEO Stephen Linnell.<\/p>\n
He added that the system supports the modernisation of the National Payment System.<\/p>\n
BankservAfrica says some banks’ gradual migration of transactions from legacy systems to PayShap has contributed to the increasing transaction numbers.<\/p>\n
Following its rollout in March, the number of PayShap transactions climbed to 250,000 by May 2023.<\/p>\n
Four banks participated at the time: FNB, Absa, Nedbank, and Standard Bank. Since then, six banks have added the PayShap system to their platforms.<\/p>\n
It noted that the number of registered ShapIDs has increased to over six million, which it said shows that consumer uptake of the system is strengthening.<\/p>\n
“This unique identifier allows users to receive payments using their bank-registered cellphone numbers thereby simplifying a payment and increasing accessibility for users,” says BankservAfrica.<\/p>\n
Linnell said the company will continue to focus on broadening adoption of the PayShap system and is preparing to introduce a Request-to-Pay feature for small business owners and merchants.<\/p>\n","protected":false},"excerpt":{"rendered":"
The figure is up from 250,000 transactions in May 2023.<\/p>\n","protected":false},"author":341076,"featured_media":537199,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[10106],"tags":[62258,35,84733,23511,95047],"class_list":["post-539121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-bankservafrica","tag-headline","tag-payshap","tag-south-african-reserve-bank-sarb","tag-stephen-linnell"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/539121"}],"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\/341076"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=539121"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/539121\/revisions"}],"predecessor-version":[{"id":539133,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/539121\/revisions\/539133"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/537199"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=539121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=539121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=539121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}