South African banks are developing to account for a new type of customer.
Banks across South Africa are expected to undergo some changes in the coming years, particularly in digital modernization and new payment methods.
On 13 March, Payshap was launched with the goal of revolutionising small-sum transactions in South Africa. The new system allows consumers using popular commercial banks to send up to R3,000 with just a phone number instead of a bank account number. The new system was designed to make payments for garden services, domestic workers, taxis, and car guards more efficient and convenient with the overall intention of bringing more people toward a cashless society.
When speaking on the adoption of the new system, Mpho Sadiki, the head of real-time payments at BankservAfrica, said: “We anticipate that in the future, banks will innovate and opt to enable additional digital access channels.”
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