How to send or receive money with PayShap South Africa

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The South African Reserve Bank and clearing house BankservAfrica have launched a new rapid, interbank payment programme, called PayShap, which will allow people to transfer money instantly using their phones  without the need of a bank account.

Users can transfer up to R 3000 without sharing bank account details.

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The service is not a standalone app and is accessed through existing banking channels only.

How much does it cost to send money with PayShap South Africa?

Absa currently charges R45 for PayShap transactions over R1,000, while a non-real-time EFT costs only R1.

Comparatively, Standard Bank charges R7.50 for all PayShap transactions while charging R1.20 for a non-real-time EFT – effectively disincentivising using PayShap for large-value transfers.

Nedbank charges a flat R1 fee for all ShapID-to-ShapID transactions, offering a substantially cheaper alternative to regular immediate interbank payments and its non-real-time EFT fee of R2.20.

However, PayShap transactions to regular bank account numbers are billed at R7.50 each, like Standard Bank.