The PayShap community is expanding through collaborative efforts between participating banks and new partners like fintechs, mobile network operators and retailers.
“Since its inception, PayShap’s success has reflected a shared commitment to innovation and industry-wide collaboration. In a shifting payments landscape, we remain focused on progress – building on the momentum with 12 participating banks onboard and forging new partnerships to expand access to PayShap and bring real-time digital payments to more South Africans,” says Israel Skosana, chief product and scheme officer at BankservAfrica.
Recently, South African payments platform Ozow announced its inclusion of PayShap Request, a revolutionary alternative way to make ecommerce payments.
Launched by BankservAfrica in December 2024, PayShap Request is an extended PayShap service that allows the payee to initiate real-time, interbank payment requests. When these are approved by the payer, the amount reflects in the payee’s account instantly.
This feature empowers South Africans from individuals to small business owners, merchants and corporates to own the way they pay and get paid, in seconds. Merchants can simply send a PayShap Request using the Payer’s bank account details or ShapID. When approved by the shopper, payment is cleared in real time.
To date, banks offering PayShap Request are African Bank, Capitec, Discovery, FNB, Investec, Nedbank, Standard Bank, and TymeBank. Other participants set to introduce this capability later this year.
“In line with the regulatory shifts, we welcome the opportunity to forge new partnerships with licensed participants to unlock more opportunities for real-time payments access and financial inclusion, in support of South Africa’s growing digital economy,” says Skosana.