PayShap is a fairly new rapid payments platform which is designed to make transferring small amounts of money faster, simpler, and more accessible.
It is designed to try move people away from carrying cash or even needing a bank account.
Created by BankservAfrica, PayShap facilitates low-cost, real-time payments and is a collaborative effort supported by several South African banks, including major players like Standard Bank, Nedbank, and now Investec.
PayShap enables users to send and receive money instantly using just a cellphone number as an identifier, eliminating the need for a bank account number or even traditional banking hours.
By utilizing PayShap Investec is now positioning itself to serve businesses like retailers and mobile network operators who process large numbers of small transactions. This marks a strategic shift for Investec as it targets mid-sized to large businesses with an annual turnover of between R30 million and R1.5 billion.