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.
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- Source: https://www.finextra.com/newsarticle/41977/south-africas-real-time-low-value-payments-platform-launches?utm_medium=rssfinextra&utm_source=finextrafeed