New payment system introduced for the South African public
As we open doors to a new payment system, this could be the help many consumers need.
The South African payments landscape is about to get a major shake-up with the launch of a new payment system that promises to revolutionise the way people and businesses pay for goods and services.
According to News24, the new system, Payshap, which is backed by the SA Reserve Bank and local banks, will now allow South Africans to transfer money instantly between their phones, without a bank account.
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You will be able to send money using vouchers and pin codes, and consumers won't have to cash out that money first to perform another transaction.
The new payment method will allow payments to other people, as well as through applications like WhatsApp.
It will be cheaper than current instant money transfers between banks.
According to News24, the Reserve Bank hopes it will eventually replace cash in the near future.
In Brazil, there is a similar payment system, also backed by a central bank. It exploded after its launch in 2020.
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Payshap was designed by BankservAfrica.
For now, only the 'big four' banks will offer Payshap wallets. Others will plug into the system later.
A lot of people will have their views on the matter, so let us know what you think by sending a message or voice note on WhatsApp to 061 792 9495.
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