Accordingly to itnewsafrica, TymeBank, South Africa’s fastest-growing digital bank, pioneers the integration of PayShap. As the first South African bank to provide this real-time interbank digital payments service, TymeBank offers its 7.6 million customers free access to payments up to the R3,000 limit using cellphone numbers (ShapID). This emphasizes the bank’s dedication to delivering affordable banking solutions to a diverse range of South Africans.
PayShap aims to decrease reliance on cash and instill trust in digital payment methods, offering enhanced safety, swiftness, and cost-efficiency.
Cheslyn Jacobs, TymeBank’s Chief Commercial Officer, notes, “We have been actively providing customers with various low-cost instant payment options as we strive to digitize cash transactions.
By making PayShap to mobile numbers free, we empower both individual and business customers to reap the benefits of real-time digital payments across banks without the concern of transaction fees.”
TymeBank customers now enjoy the following PayShap benefits: Seamless payments without sharing banking details: PayShap enables payments via identifiers like cellphone numbers (ShapID), eliminating the need for bank account numbers. Transactions occur instantly and securely, with money being sent and received within seconds and promptly reflecting in the recipient’s account.
Additional advantages include effortless fund transfers to/from participating banks and payment capabilities up to R3,000 for daily activities.
Mpho Sadiki, Chief Product Officer at BankservAfrica, says, “As a South African Payments industry initiative, PayShap has been reshaping payment methods since its launch in March. We’re thrilled to welcome TymeBank to this dynamic space, providing extensive benefits to individuals and small merchants.”
PayShap’s release occurs in two phases, with the second phase introducing a request-to-pay function for secure and immediate money reception.
TymeBank CEO Coen Jonker affirms, “PayShap is an exceptional initiative for our customers and South Africa. We’re committed to financial inclusion and affordable banking. Our decision to offer PayShap for free aligns with successful models in Brazil, India, and Singapore.”
Jonker concludes, “TymeBank’s reputation for high-value, low-cost services remains strong. Our distinction lies in being the sole South African bank to offer free PayShap, reinforcing our commitment to simple, swift, and affordable banking.”