BankservAfrica’s PayShap is introducing PayShap Request. This new feature, launching on 2 December, allows users to send payment requests that can be approved and settled instantly, promoting a smoother process between individuals conducting business.
Introducing PayShap Request
PayShap Request allows users to request payments instantly through bank channels, streamlining the process and reducing delays.
At launch, the service will be available through African Bank, Capitec, Discovery Bank, First National Bank, Investec, Nedbank, Standard Bank, and TymeBank. Other banks are expected to offer the feature later in 2024. While some banks will initially provide the service for personal banking, others will focus on business or corporate use, with broader availability planned in the coming months.
PayShap Request allows users to send a notification requesting payment by providing the payer’s bank account details or proxy information, such as a ShapID or business ShapID. Users can also set an expiry date for the request. The payer then reviews and approves the request, which triggers an instant transfer of funds to the requester’s account.
By extending PayShap’s capabilities to cover both person-to-person and person-to-business payments, the new feature is a significant convenience for anyone disconnected from the person meant to repay them. “Whether it’s a plumber requesting payment for a callout, sending a payment request to friends or family rather than another reminder, or a business accelerating the receipt of payments, PayShap Request is designed to meet a variety of needs,” says BankservAfrica.
Since its launch in March 2023, it has processed more than 130 million transactions. The platform has been working hard to stay cutting-edge. Not too long ago it finally increased its daily transaction limit from R3,000 to R50,000. The instant nature of PayShap Request is also sure to attract more customers.