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The South African Reserve Bank and BankServAfrica officially launched a new payment service called PayShap on Monday, in a bid to make banking more accessible and inclusive.
Users can transfer up to R 3000 without sharing bank account details. The service is not a standalone app and is accessed through existing banking channels only.
The table below compares the PayShap and EFT fees offered at the four banks.
| PayShap fees |
| Transaction size | Absa | FNB | Nedbank | Standard Bank |
|---|---|---|---|---|
| Up to R100 | R2.50 | Free |
| R7.50 |
| R100.01 – R200 | R6.00 | |||
| R200.01 – R1 000 | R7.50 | |||
| R1 000.01 – R3 000 | R45.00 |
Using PayShap, South African bank account holders can now make payments and receive money instantly, between participating banks, without sharing bank account details.
The focus at launch is on person-to-person payments, but every South African, including small business owners and merchants to commercial businesses, stands to benefit.
