PayShap transaction volumes and values have grown substantially since the service launched just over a year ago.
South African banks have seen a surge in customer transactions using low-cost payment solution PayShap.March 2023At launch, the country’s conventional Big Four banks supported the system. It has since expanded to six more — including TymeBank, Capitec , African Bank, and Investec.
However, these were sometimes limited to payments between accounts with the same bank or required taking up additional products., 3 million people had registered a ShapID one year after the service launched. Capitec said that all supported banks recorded an impressive 100% surge in monthly PayShap usage between April 2024 and March 2024.“As an originating bank, in April, we’ve seen Capitec drive greater volumes into the rails, contributing significantly to the overall expansion of industry volumes.”
“Since its launch, we’ve processed over 2.3 million transactions amounting to over R1.6 billion in value,” said Hamilton.
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