In South Africa, there is a new payment service available called PayShap, which enables instant money transfers without the need for a bank account number. This innovative service allows customers to use their mobile phone numbers to make payments through their mobile banking app by registering their phone numbers under the PayShap icon.
To use PayShap, customers would need to register their unique ShapID via their banking app, which could be their cellphone number or email address. With this identifier, account holders can easily pay and receive money up to R3000 per transaction instantly, between participating banks.
Currently, PayShap is available at four major banks in South Africa, including Absa, FNB, Nedbank, and Standard Bank. However, more banks are expected to join in the coming months, making this service accessible to an even wider audience.
With PayShap, customers can experience hassle-free payments, eliminating the need for a bank account number and enabling quick, easy, and secure transactions.
“PayShap will be automatically accessible through bank channels, such as mobile banking and internet banking. We anticipate that, in the future, banks will innovate and opt to enable additional digital access channels,” Rufaida Banoobhai, the head of Payment SA at Standard Bank, said.
“While the focus at launch is on person-to-person payments, every South African, including small business owners and merchants to commercial businesses, stand to benefit from this service, which becomes a viable alternative to cash — from reimbursing friends or family to paying for items on community marketplaces, hair salons, paying for home maintenance services, car washes, restaurants and transportation,” she said.