Rapid payments systems grow in popularity, with FNB reporting R2 billion in these transactions in the past year.
Real-time and instant payment systems, like the year-old PayShap, are effectively becoming the standard in the payments ecosystem.
“PayShap has proved to be an important payment mechanism to accelerate success in cash to digital migration and financial inclusion on our platform.”in March 2023, PayShap enables instant digital payments between banks via a real-time clearing system that processes transactions within 60 seconds. It also seeks to make it possible to conduct transactions without the need for bank account details.
Although it initially launched with the big-four banks – Absa, First National Bank, Nedbank and Standard Bank – PayShap’s community has grown to include Capitec, Discovery Bank, Sasfin, Investec and Tymebank. As of 1 November, qualifying FNB Private Banking eBucks customers can earn up to 30% of their spend back in eBucks when using ASAP!, Pick n Pay’s on-demand delivery app.
Daniel Kaan FNB First National Bank Digital Financial Inclusion Digital Wallets FNB Payments Ecosystem Pick N Pay Ebucks Sizwe Nxedlana Sean Summers
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