Access, Cost, and Cash

Is PayShap the turning point?

PayShap

PayShap, The South African Reserve Bank’s (SARB) real-time rapid payments platform was launched last week. The new payment system aims to facilitate more diverse, safer, and faster payment options. The first phase of the rollout includes Absa, First National Bank, Standard Bank and Nedbank, with more banks expected to join in the second phase.

SARB's Vision 2025 Goal

PayShap forms part of SARBs Vision 2025, aimed at enhancing the payment system of South Africa. The 9 primary goals of Vision 2025 are:

Promoting competition and innovation
Financial inclusion
Regional integration
Transparency and public accountability
Cost effectiveness
Interoperability
Transparent regulatory and governance framework
Financial stability and security
Flexibility

These goals provide an interesting framework to consider our local digital payments solutions against.

Local payment solutions

There is an ever growing list of payments technology from tap to pay, scan-to-pay, e-wallet and now rapid-pay. Over the last few years, fees have been steadily decreasing thanks to healthy competition amongst banks, and with 40 million South Africans having access to bank accounts (Almost 85% of the country), there is no lack of choice or access for the average South African. Will this new technology finally provide the long awaited momentum needed for South Africans to move away from cash?

What will it take to successfully digitise the economy?

In our newest publication we explore what the future of payments looks like for South Africa. What can smart phones offer to accelerate the adoption of digital payments? What can we learn from global markets? And what does industry need to succeed in digitising the economy?

Read more by downloading the publication below.

Finding the balancing in choosing the right tech