The South African Reserve Bank (SARB) has recently unveiled PayShap, a new payment platform aimed at offering faster, safer and more convenient payment options for South Africans. The platform is the result of a collaborative effort by the banking community, the Payments Association of South Africa and BankservAfrica and is part of the SARB’s Rapid Payments Program. The launch of PayShap is in line with the SARB’s Vision 2025 strategy to modernize the national payment system framework.
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PayShap aims to offer a cost-effective and instant payment service across banks, with support for several retail payment use cases. The platform also addresses gaps in the interoperability of banking payment systems by implementing a Transactions Cleared on an Immediate Basis payments platform.
One of the most significant benefits for users is the reduced information required for payments. PayShap users can access the real-time payment feature in its initial phase by using their banking details or a unique identifier called a ShapID. This proxy service will be used as a substitute for full banking details, making payments far more accessible to a wider range of South African customers.