PayShap is coming to MTN’s Mobile Money platform through a partnership with Investec and Electrum.
The move will make MTN MoMo the first non-banking player to offer PayShap. It also addresses a “critical gap” in serving the unbanked population, MTN South Africa said in a statement on Wednesday.
“By bridging the gap between traditional banking and mobile solutions, we aim to foster a financial ecosystem that serves all segments of society,” said Investec Bank Limited CEO Cumesh Moodliar. MTN said the initiative has borrowed ideas from successful global models, most notably Reliance Jio and UPI AutoPay in India, where “80% of transactions are executed through a similar rapid payment solution”.
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