South Africa’s payments landscape is on the brink of another major innovation. On 2 December 2024, the highly anticipated PayShap Request service will officially launch, empowering individuals, businesses, and informal traders to take control of their payments like never before.
The new payment request functionality is the latest enhancement to the PayShap service, expanding access to the digital economy by making interbank requests and real-time payments simpler and faster. PayShap Request will enable users to initiate payment requests instantly through their bank channels, accelerating payment across personal, business, and corporate use cases.
As of 2 December, the participant banks that will offer PayShap Request are African Bank, Capitec, Discovery, FNB, Investec, Nedbank, Standard Bank, and TymeBank. Other banks will offer the capability during 2025. At launch, some participant banks will roll-out the service for personal banking, others for business and/or corporate banking and others for personal as well as business and/or corporate banking. It is anticipated that the service will be more widely available across participant bank customer segments in the coming months as they roll out the service.
“PayShap Request is the result of a collaborative industry effort to bring innovative payment solutions to South Africa. This new functionality extends PayShap’s capabilities to both person-to-person and person-to-business payments, helping users to manage their payment obligations efficiently while enabling businesses to innovate and grow in the agile economy,” says Anton van der Merwe, Head of Scheme for PayShap at BankservAfrica.
Whether it’s a plumber requesting payment for a callout, sending a payment request to friends or family rather than another reminder, or a business accelerating the receipt of payments, PayShap Request is designed to meet a variety of needs. PayShap Requests are sent in real-time, and once approved, get paid instantly.
How PayShap Request works:
The Requester initiates a PayShap Request: The Requester sends a payment request to a Payer using their bank account details or proxy (ShapID, Business ShapID or Shap Name). The Requester also sets the expiry date of the request.
The Payer approves the PayShap Request: The Payer receives the PayShap Request and approves the request to make payment from their bank account.
Instant settlement: Once the Payer approves the PayShap Request, the funds reflect immediately in the Requester's bank account.
Requesters have the option to cancel a PayShap Request and Payers can decline received requests, making the service flexible and secure.
“With PayShap Request, South Africans are in charge of their payments. They determine when they get paid, ensure a payment is never missed, and even have the added flexibility they require,” explains van der Merwe.
Driving financial inclusion and payment innovation
The upcoming launch comes at a time when PayShap has already processed over 130 million transactions, since inception and on the heels of PayShap’s transaction limit increase from R3 000 to R50 000 in October 2024. The payment threshold is determined by the Payer’s bank, with users encouraged to contact their banks for more details.
“As the Scheme Operator for PayShap, BankservAfrica is excited to lead the way in modernising South Africa’s payment ecosystem,” says Stephen Linnell, CEO of BankservAfrica. “PayShap Request has the potential to transform how payments are initiated and paid, offering faster, more efficient solutions that reduce reliance on cash, promote financial inclusion, and accelerate economic activity.”
The PayShap Request functionality officially goes live on 2 December 2024, marking a significant milestone in South Africa’s journey towards a more inclusive and efficient payments ecosystem.