PayShap Benefits – Is it better than a bank account or cash
PayShap is a new payment system that launched in South Africa on 13 March 2023. The new rapid payment system was launched by a collaboration between BankservAfrica and the South African Reserve Bank (SARB), which aims to revolutionise small-sum transactions in South Africa.
READ: all about PayShap
PayShap have partnered with 4 major banks (namely: Standard Bank, Absa, Nedbank and FNB) and in time, other banks (such as Capitec, Investec, Discovery, TymeBank and Standard Chartered) are also expected to also integrate with the new system in the future.
PayShap will allow real-time low-value transactions of up to a maximum of R3,000 for both consumers and small businesses in South Africa. The system aims to eventually replace cash altogether in South Africa.
Here are a few benefits of PayShap:
1. Payments are INSTANT
When you pay using PayShap, the money reflects in the recipients account instantly. There is no need to wait for the bank to clear the payment, or pay extra bank charges for an immediate payment. As soon as the transaction is complete, the money is in the recipients account!
2. PayShap is CONVENIENT to use
Simply use your cellphone to make or receive payment – you no longer need to have the recipients banking details on hand to make a payment. Nowadays our cellphones are always within reach, therefore making payment on your cellphone is quick and easy!
3. PayShap is SECURE
You can only access PayShap through official banking channels, such as your banking app on your cellphone. Do not fall for scams – the only way to make payment with PayShap is through your own bank.
READ: PayShap Questions and Answers (Part 1)
4. PayShap is INTEROPERABLE/ COMPATIBLE (able to work with other products or systems)
The app allows users to make instant payments between different banks. Whereas making a payment between different banks (ie Absa to Standard Bank), may usually take a few days to clear, PayShap allows payments to be made instantly between different bank accounts!
5. Payments are EFFICIENT/ SAVE TIME
By using PayShap, you will be able to avoid standing in long queues at the bank or shop in order to make or receive payments. As the saying goes “time is money”, so why waste time standing in a queue when you can get or make a payment in a few seconds using your cellphone?
6. PayShap is SAFE
You will no longer have to carry cash, keeping your money safe! It is well known that crime in South Africa is one of the highest in the world – protect your hard earned money by not carrying cash on you!
If your cellphone is stolen, criminals will not be able to access your PayShap account as it locked within your banking app (which needs your username and password).
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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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