BankServ's PayShap Request service to launch on December 2

Real-time payment request service PayShap Request, to be launched on December 2, will enable users to initiate payment requests instantly through their bank channels, thereby accelerating payment across personal, business and corporate use cases, says payments infrastructure services company BankservAfrica.

“The new PayShap Request functionality extends PayShap’s capabilities to person-to-person and person-to-business payments, thereby helping users to manage their payment obligations efficiently while enabling businesses to innovate and grow in the agile economy,” says BankservAfrica PayShap head of scheme Anton van der Merwe.

PayShap Requests are sent in real-time and, once approved, get paid instantly. The new service is the result of a collaborative industry effort to bring innovative payment solutions to South Africa, he adds.

“PayShap Request has the potential to transform how payments are initiated and paid, offering faster, more efficient solutions that reduce reliance on cash, promote financial inclusion and accelerate economic activity,” says BankservAfrica CEO Stephen Linnell.

The participating banks that will offer PayShap Request are African Bank, Capitec, Discovery, FNB, Investec, Nedbank, Standard Bank and TymeBank. Other banks will start offering the capability during 2025.

At launch, some participating banks will roll out the service for personal banking, others for business and/or corporate banking, and yet others for personal as well as business and/or corporate banking.

It is anticipated that the service will be more widely available across participant bank customer segments in the coming months as they roll out the service, BankservAfrica says.

A requester sends a payment request to a payer using their bank account details or proxy, such as ShapID, Business ShapID or Shap Name, and also sets the expiry date of the request.

The payer receives the PayShap Request and must approve the request to make payment from their bank account, with the funds reflecting immediately in the requester's bank account once payment is approved.

Requesters have the option to cancel a PayShap request and payers can decline received requests, making the service flexible and secure, the company says.

Further, the cashless payment service PayShap has processed more than 130-million transactions since its inception and the transaction limit has been increased from R3 000 to R50 000 in October, although the payment threshold is determined by a payer’s bank.