Transactions in South Africa are expected to be far quicker, says the South African Reserve Bank.
The South African Reserve Bank and BankservAfrica have launched PayShap – a new rapid payment system expected to revolutionise small-sum transactions in South Africa.
According to SARB, PayShap is a low-value, real-time rapid payment platform aimed at deepening the digital financial inclusion of both consumers and small businesses. The Reserve Bank envisions PayShap replacing cash in the future and plans to integrate it with popular apps such as WhatsApp.SARB said that PayShap marks a milestone in the bank’s ongoing efforts to modernise and advance South Africa’s payment ecosystem in line with international standards.
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