New payment platform boosts move to ‘cashless’ society – SARB
A new payment platform launched in Johannesburg on Monday will allow South Africans to receive money immediately from any of the country’s four major banks – without needing bank account.
Payshap, which is backed by the South African Reserve Bank, will only require a user’s cell phone number to transfer and receive cash in a matter of seconds.
The app was designed by Bankserv Africa.
The company’s Mpho Sadiki says the new payment system will ensure that money is moved from one bank to another in “real time”.
“The South African Banking Industry, Bankserv Africa has collaborated in building this new payment platform that allows for money to move from one bank to another in an immediate fashion. That is what we call true, real-time payments being enabled in South Africa.
“Payshap will allow an interoperable payment system that connects all the banks where if I send you money to your mobile number, but I bank with another bank, you are not forced to go to the bank where I sent you money from to withdraw the cash. That is the massive difference between Payshap and other services.”
Bankserv CEO Jan Pilbauer adds that transfer costs are also expected to be lower.
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“You will be able to send money within ten seconds hopefully for low costs for the end users. You will be able to pay money by sending it straight to the cell phone instead of using a bank account number.”
Deputy South African Reserve Bank Governor Fundi Tshazibana says the launch of the new payment system is in line with the Reserve Bank's 2025 vision.
“We also have a vision for the payment system which we call Vision 2025 which is geared to having faster, more efficient and more affordable and inclusive payment services going forward. We wanted to know that with the design of Payshap, it would take all these elements into account.”
She adds that Payshap is another step in the direction of a “cashless society”.
"Imagine if you could get onto the taxi and while you’re commuting to work you don’t need to have withdrawn cash. All those things are going to move us to a cashless society. I mean you can’t eradicate cash totally because if your gadgets don’t work you are going to need an alternative. But we are aspiring in the next few years that this is where we are going to be as a country."
