Payments have come a long way in the past few decades. Looking at the history of payments, electronic funds transfers (EFTs) have made it easier to pay others, but they aren't as immediate as cash and require entering account details. And real-time clearance (RTC) fees were too expensive and still required accurate account information. However, volumes have gone up by 45% in the past year as banks reduced fees.
About PayShap
PayShap addresses the issues of real-time payments and the need for account information by offering consumers a more affordable and simpler way to instantly pay someone. Banks in South Africa have introduced PayShap as an alternative payment option with a different payment process and fees compared to real-time payments. Since its launch, PayShap now accounts for over 0.4% of all RTC payments in South Africa.
Integrating PayShap into the Discovery Bank ecosystem
By integrating PayShap into our existing payment ecosystem, we offer our clients a single, easy way to make instant payments with a consistent fee structure. Our systems automatically choose the most efficient payment network for each transaction.
You can make convenient and affordable real-time payments to anyone, anywhere, and at any time, starting from just R1.
We make digital payments more accessible and affordable
At Discovery Bank, our instant payment fees are lower than the average in the market for most payment amounts. Additionally, Discovery Bank Black Transaction Account (bundled fees option), Black Suite, and Purple Suite clients receive 30 free real-time payments per month.
How to use PayShap
To send and receive PayShap payments, you need to bank with a bank that offers PayShap, like Discovery Bank. You can then pay others or be paid instantly yourself using either a ShapID (bank-registered cellphone number) or bank account details.
Set up your Discovery Bank ShapID in your banking app today
Get the convenience of receiving payments without giving out your banking details:
To set up your ShapID, simply:
- Log in to the Discovery Bank app
- Tap the More menu
- Tap PayShap
- Follow the steps.
Watch the video to learn more
For more info about PayShap, visit the Payments section on Info and tips and see your latest fees guide.