PayShap Questions and Answers (what is it, how to make payment, how long do transactions take and more)
Payshap was launched on 13 March 2023 by the South African Reserve Bank and BankservAfrica as a new digital payment method. If you would like to know more about this innovative payment system, be sure to read all about PayShap here.
1. What is PayShap?
PayShap is an instant interbank electronic payment method. It allows you to make and receive payments up to R3000 directly into a bank account, by using an account number and registered cellphone number (which will be your ShapID). If you are doing transactions for a business, a registered business name or identifier must be used (i.e. Shap Name).
PayShap is only available through participating banks’ (“the big five”) channels. Depending on which bank you are with, these channels can include cellphone banking app (app and USD) and internet banking.
2. How do I set-up and start using PayShap?
Payshap is automatically available to Standard Bank, Absa, Nedbank, and FNB users through the relevant bank’s banking channels. It has been stated that more banks across South Africa will soon be using PayShap, thus ultimately leading to a cashless society.
To access PayShap, simply look for the PayShap icon on your banking app and follow the necessary prompts.
Depending on which bank you are with, the banking channels, can range from cellphone banking (app and USSD) to internet banking. To access PayShap, all you have to do is simply log into your banking app/internet banking, locate the PayShap icon, and follow the prompts.
3. How do I pay someone through PayShap?
The first thing you will need is for you and the recipient to be with one of the PayShap participating banks (i.e. Absa, FNB, Standard Bank, or Nedbank – for the time being).
To make a payment with PayShap, log into your banking app/ internet banking profile and locate the PayShap icon. You can then use PayShap to make a payment to another bank account using the recipient’s registered cellphone number (ShapID) or their bank account number.
4. How long does the PayShap transaction take?
PayShap transactions are processed instantly, with the money being available in the recipient’s accounts within seconds.
READ: PayShap FAQ’s (part 2)
5. How much do PayShap transactions cost?
The cost for PayShap transactions will vary from one bank to another. PayShap cash senders will be charged for their transaction, however, the recipient will not face any bank charges with they receive the money.
6. Is PayShap available to non-South Africans and in other countries?
PayShap is available to anyone who is an account holder with Absa, FNB, Standard Bank, or Nedbank. In time, PayShap will soon be available to all other South African banks.
PayShap is currently only available to South African bank account holders.
7. Is PayShap safe?
PayShap is not a standalone app, but rather a service that is available through participating bank channels. You will therefore be protected by the safety and security measures provided by your bank. All of your personal information will be stored and protected in accordance with the Protection of Personal Information Act (POPIA). However (just like other payment services) should you suspect any fraudulent activity, be sure to contact your relevant bank’s fraudulent line.
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For any further queries, please contact SASSA directly:
Contact the SASSA Toll Free Call centre on: 0800 60 10 11
Contact the SASSA Head Office on: 012 400 2322
Email SASSA Head Office at: Grantsenquiries@sassa.gov.za
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