Banks report rapid growth in the use of PayShap, an instant electronic fund transfer service

PayShap, a financial technology company offering a variety of digital payment solutions, has been gaining significant traction in recent years. With the rise of contactless payments and the acceleration of e-commerce, PayShap’s innovative and user-friendly platform has set them apart from traditional banking institutions. In this article, we explore how PayShap is rapidly gaining market share in the digital payment industry and what sets them apart from their competitors.


The use of PayShap, an instant electronic fund transfer service launched on 13 March by BankservAfrica in collaboration with the South African Reserve Bank, is rapidly growing among customers of Standard Bank, Nedbank, Absa, and FNB. The service aims to offer an instant payment service to replace physical cash, allowing customers to make transactions using their phone numbers. PayShap has been adopted by four banks for the first round of implementation, with more expected to join in future. In its first month of operation, there have been 61,000 PayShap payments worth over R51m between the cohort one banks.


In conclusion, PayShap has proven to be a game-changer in the world of digital payments. This innovative platform offers a range of convenient features and services that cater to the needs of both businesses and consumers. With its rapid uptake, PayShap has solidified its position as a leading player in the digital payments space, providing users with a seamless experience that is both secure and reliable. As the world continues to evolve towards a cashless society, PayShap is certainly a platform to watch out for in the future.