Capitec, Discovery now support PayShap rapid payments

August 15, 2023 Siyabonga Mtangana

Support for PayShap, the rapid payments solution that allows bank customers to send and receive money instantly, is coming to more financial services providers.

Capitec and Discovery Bank have become the latest to offer access to PayShap, which was developed by BankservAfrica and which facilitates rapid electronic payments in South Africa – even if the parties to a transaction don’t know one another’s bank account numbers.

The companies join Absa, First National Bank, Nedbank or Standard Bank in offering access.

The real-time, low-value, interbank digital payments service recently exceeded the one million transaction milestone, six months after launch.

PayShap

With PayShap, bank account holders at Capitec and Discovery Bank – and the other banks that have already joined the platform – get:

No need to exchange banking details for payments: PayShap enables payments using an identifier other than a bank account number – say, a cellphone number (ShapID), registered with a participating bank.
Secure payments within seconds: Send and receive money instantly with the guarantee that money will reflect immediately in the recipient’s account.
Moving funds to and from any participating bank made easy: Send or receive money from any bank offering PayShap.
Payment for any amount up to R3 000: Any low-value payment of up to R3 000 for any day-to-day activity is possible. – © 2023 NewsCentral Media