MTN South Africa, in collaboration with Investec and Electrum, has introduced the PayShap solution on its MoMo platform, offering users an instant, cost-effective payment system.
MoMo is the first non-banking player to offer PayShap .
“We are thrilled to pioneer the integration of PayShap on MoMo, redefining the landscape of mobile payments and helping to drive financial inclusion. This strategic collaboration will empower our users, especially the unbanked community, with unprecedented accessibility and convenience,” says Bradwin Roper, CEO: fintech at MTN SA.
“Investec is proud to be the banking partner for this initiative. By bridging the gap between traditional banking and mobile solutions, we aim to foster a financial ecosystem that serves all segments of society,” says Cumesh Moodliar, CEO of Investec Bank.
“Through innovation and collaboration with MTN and Investec, this is an exciting example of a next-generation payments solution. Electrum is proud to have contributed to this transformative project, showcasing the important role that cloud payments technology must play towards South Africa’s payments modernisation efforts,” says Dave Glass, Electrum CEO and Co-Founder.
Drawing inspiration from successful global models, such as Reliance Jio and UPI AutoPay in India, where 80% of transactions are executed through a similar rapid payment solution, this partnership aims to change the digital payments landscape in South Africa for both prepaid and contract subscribers.
For instance, Jio’s integration with the UPI AutoPay facility in 2022 made it the first player in the telecom industry to go live with an e-mandate feature that was launched by the National Payments Corporation of India (NPCI).
“We’re excited about the future of the PayShap solution in South Africa. Not only does it represent a significant milestone in the evolution of digital finance in South Africa, but it will also increase financial inclusivity, connecting more people to the safer and more efficient world of mobile payments,” says Roper.