South Africa in beginning the roll out of Payshap, a low value, interbank, real-time digital payments service aimed at increasing financial inclusion to the underbanked segment.
Stemming from country’s Rapid Payments Programme, the now commercially-branded PayShap is an industry-led initiative that supports the South African Reserve Bank’s payment system plan.
Payshap’s initial rollout this month will offer users access to instant, real-time payments across participating banks as well as the use of an alias that will enable payments to be made through the use of a unique identifier other than a bank account number – in this case, a cellphone number.
The initial phase of PayShap will see the participation of the first cohort of banks: Absa, First National Bank, Standard Bank and Nedbank. More banks and non-banks are set to follow.
A second stage will follow, introducing a request-to-pay function which makes it possible for a person to request payment and receive money securely and immediately in their bank account.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://www.finextra.com/newsarticle/41977/south-africas-real-time-low-value-payments-platform-launches?utm_medium=rssfinextra&utm_source=finextrafeed
- :is
- 2023
- a
- About
- Absa
- access
- Account
- across
- africa
- African
- and
- April
- ARE
- AS
- At
- Bank
- bank account
- Banks
- BE
- Beginning
- case
- Cohort
- country
- digital
- Digital Payments
- enable
- financial
- financial inclusion
- Finextra
- First
- follow
- For
- from
- function
- HTTPS
- identifier
- immediately
- in
- inclusion
- increasing
- initial
- Initiative
- Innovation
- instant
- introducing
- IT
- jpg
- launches
- LEARN
- Low
- made
- MAKES
- money
- Month
- more
- National
- National Bank
- Nedbank
- Nordics
- number
- of
- offer
- on
- Other
- participating
- participation
- payment
- payment system
- payments
- person
- phase
- Place
- plan
- platform
- plato
- Plato Data Intelligence
- PlatoData
- possible
- programme
- rapid
- real-time
- real-time payments
- receive
- register
- request
- Reserve
- Roll
- s
- Second
- securely
- segment
- service
- set
- South
- South Africa
- South African
- Stage
- standard
- Supports
- system
- Take
- that
- The
- their
- Through
- to
- underbanked
- unique
- use
- users
- value
- WELL
- which
- will
- zephyrnet