FNB customers continue to embrace PayShap, a realtime payment solution that facilitates payments of up to R3 000, for low-value payments with 62% of all PayShap payments made by them under R500 – and of these, 27% are below R100, making them completely free.
“Even though many people still need cash for multiple reasons, it is risky to rely on cash,” says Christelle Pretorius, CEO of Personal Core Banking at FNB, “Digital payments, on the other hand, are more convenient because they have strong security measures to keep transactions safe and every payment is recorded.
“This is why an industry solution such as PayShap is important, and we’re delighted to see many of our customers capitalising on our free transactions below R100 as this helps to facilitate financial inclusion by minimising barriers to entry into financial services.”
Ravi Shunmugam, CEO of EFT Product House at FNB, adds: “The widespread mobile penetration in the country supports the uptake of digital payments, empowering millions in South Africa to participate in the formal economy safely and conveniently. Therefore, we see PayShap as an integral part of our payment ecosystem and are encouraged by the positive response we see among all income segments.
In addition to PayShap, FNB provides a range of digital payment solutions including: Instant Payment; Bill Payments; PayMe; and eWallet.
Registering for PayShap is easy for customers, says the bank: All that is required is an active bank account number and a cellphone registered in their name. Creating a ShapID is as simple as logging into the FNB App, selecting “Pay” clicking on “Payments Settings” and following the on-screen prompts.