Bankservafrica to introduce new payment system in South Africa

By InstinctBusiness Jan 25, 2023 0

BankservAfrica is testing a new rapid payments programme platform in South Africa where customers can make payments without owning bank accounts.

The CEO of BankservAfrica, Jan Pilbauer, said the new system would mean a customer does not need a bank account number or a branch code to transfer money.

The system is to enable people make payments through mobile number or email address.

They added, this is to aid in deepening financial inclusion and contributing to building a safe, reliable, and efficient National Payments System.

The RPP is expected to be launched under the brand Payshap, to become the preferred e-payment option in South Africa soon.

The initiative will be a cost effective instant payment service across banks where there would be a rapid provision of payment functionality to customers without bank accounts.

The manager for operations support at PASA, Mariekie Mincher, said the new RPP programme (PayShap) will utilise the universal standard of ISO 20022 which is a global standard for financial transaction messaging that was only adopted by the South African Reserve Bank (SARB) last year in November.

The new system forms part of the South African Reserve Bank’s (SARB) Vision 2025, which is aimed at simplifying and making real time payments more affordable and efficient even for those without a bank account.