South Africans can now use PayShap, a new instant payment service that allows users to transact without a bank account number.
With this service, customers are able to use their mobile phone numbers to make payments by logging on to their mobile banking app and registering their phone numbers under the PayShap icon.
Customers need to register their ShapID via their banking app. The ShapID registered is a unique identifier such as a cellphone number or an email address.
Account holders can pay and receive money up to R3000 per transaction instantly, between participating banks.
PayShap is currently available at four participating banks in South Africa, namely Absa, FNB, Nedbank and Standard Bank with more banks expected to go live in the coming months.
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