South African payments processing platform Ozow has launched PayShap Request, a realtime payment feature now available to its extensive network of merchants.
Ozow has already enabled PayShap Request for its first merchant, with more merchants being activated daily.
The Ozow experience caters for those who have a ShapID registered at their bank while those who don’t, can use their account number to complete the payment. No app, card, or login required.
Since its introduction, the PayShap ecosystem has already processed over R100-billion across 136-million transactions, with more than 4.5 million ShapIDs registered. As demand for instant, secure digital payments grow, Ozow’s launch of PayShap Request ensures that merchants can immediately tap into this fast-expanding network, without requiring customers to pre-register a ShapID.
Recent insights from the SARB underscore the need for greater collaboration and modernisation across South Africa’s payments ecosystem. Ozow’s implementation of PayShap Request is a direct response to these calls, offering a fast, secure, and user-centric solution that supports the PEM’s goals.
The introduction of PayShap Request by Ozow aligns with current trends in the South African fintech and payments landscape, which emphasise instant payments, enhanced security, and broader financial accessibility.
The SARB’s Rapid Payments Programme (RPP), of which PayShap Request is a principal component, aims to transform the national payments ecosystem by driving digital adoption and ensuring more inclusive financial services for all South Africans.
This launch is a crucial step towards the goals that the SARB has outlined regarding modernising the payments ecosystem in South Africa, particularly in the context of recent discussions around cash and the Payments Ecosystem Modernisation (PEM).
“We are incredibly proud to be at the forefront of enabling PayShap Request for South African merchants,” says Rachel Cowan, interim-CEO of Ozow.
Ozow’s PayShap Request offers customer convenience. Customers are not required to have a pre-registered ShapID to complete a payment.
If a customer has not registered a ShapID (a registered phone number linked to their bank account), they can simply use their bank account number to transact, significantly reducing friction and improving accessibility for a wider range of consumers.
Customers simply select PayShap at checkout, choose their bank, enter their phone number or account number, and follow the prompts to authenticate the payment in their banking app.