The way we pay and get paid is always changing in the environment of today. Designed to simplify and streamline financial operations, PayShap is a new payment system meant to help people and companies to manage their money. We will explore what is PayShap, advantages, and how it is changing our financial transaction handling in this article.
What is PayShap?
Using their chosen digital banking channels, customers of PayShap may make and get safe payments promptly. Designed to ease low-value transactions of up to R3000 and small value payments, this service is perfect for regular use. PayShap guarantees quick money movement to the beneficiary within seconds of sender approval, therefore adding further security for transactions.
How Does PayShap Work?
Among the several digital banking systems PayShap is accessible on are internet and cellphones banks. Users of PayShap must generate a ShapID, which combines their bank account domain with their cellphones number. Should it be a TymeBank account, for instance, the ShapID would be cellphonenumber@Tyme. This special code lets users quickly and safely make and get payments.
Benefits of PayShap
PayShap appeals to both people and companies because of its various advantages. Among the major benefits are:
PayShap lets consumers make and get payments instantaneously, therefore removing the need to wait for transactions to clear.
PayShap guarantees dependability and security for purchases, therefore lowering the possibility of loss and theft.
PayShap is handy for consumers to handle their money on-the-go as it is straightforward to use and available via several digital banking outlets.
PayShap is a reasonably affordable choice for regular transactions as it is free for the receiver and just needs a little charge for the sender.
How to Use PayShap
Now that you know what is PayShap, follow these steps to make use of it:
Step-by-Step Guide to Using PayShap
Register for PayShap:
Download the banking app of your bank (e.g., Standard Bank, Nedbank, Absa, etc.).
Log in to the app and navigate to the “Manage” section.
Click on “PayShap” and add your ShapID.
Complete the registration process.
Send Money:
Sign in to your mobile Banking App.
Select “Pay” and then “PayShap”.
Enter the ShapID details of the person you want to pay.
If the ShapID exists, you will see a green success message.
Confirm the ShapID details with the recipient before continuing with the payment.
Receive Money:
Download the banking app and follow the prompts to register for PayShap.
Provide the payer with your cellphone number or ShapID to receive money directly into your bank account.
Once the payment is complete, the money is available to use immediately.
Key Points to Remember
ShapID: Your cellphone number is an example of a ShapID, which is a unique identifier.
Registration: Registration for PayShap is free.
Limits: There is a maximum limit of R3 000 per transaction.
Fees: The payer will be charged a fee of R7.50 per transaction.
Security: PayShap ensures that transactions are secure and reliable, reducing the risk of theft and loss.
Convenience: PayShap allows you to make and receive payments instantly, eliminating the need to wait for transactions to clear.
How to Use PayShap on ABSA App
Register for PayShap:
Open the Absa Banking App on your device.
Tap “Log in” and enter your passcode or log in using biometrics.
Tap on your profile and select “Register your cellphone number for PayShap now!”
Read the information, then tap “Register now”.
The ‘Register your ShapID’ page will pre-populate your cellphone number on your banking profile and known-as name.
Select an account to link to your ShapID.
Accept the terms and conditions and tap “Next”.
Confirm to have Absa as your primary ShapID.
Tap “Next” and “Confirm your details”.
You’re now registered for a ShapID.
Tap “Share” to send your ShapID or tap “Done” to return to the home screen.
Make a PayShap Payment:
Open the Absa Banking App and log in.
Tap on “Pay” and then select “PayShap”.
Enter the ShapID details of the person you want to pay.
If the ShapID exists, you will see a green success message.
Confirm the ShapID details with the recipient before continuing with the payment.
Receive a PayShap Payment:
Your ShapID is your cellphone number linked to your Absa account.
Provide the payer with your ShapID, and the funds will be paid directly into your Absa account.
The payment will reflect in your account instantly.
PayShap Fees
PayShap fees charged by the major banks in South Africa:
Absa:
Up to R100: R2.50
R100.01 – R200: R6.00
R200.01 – R1,000: R7.50
R1,000.01 – R3,000: R45.00
FNB:
Up to R100: Free
R100.01 and above: R6.00
Nedbank:
All ShapID-to-ShapID transactions: R1.00
Transactions to regular bank accounts: R7.50
Standard Bank:
All PayShap transactions: R7.50
TymeBank:
All PayShap transactions: Free
PayShap Capitec
To use PayShap on the Capitec Bank app, follow these steps:
Register for PayShap:
Open the Capitec Bank app on your device.
Tap “Log in” and enter your passcode or log in using biometrics.
Tap on your profile and select “Register your cellphone number for PayShap now!”
Read the information, then tap “Register now”.
The ‘Register your ShapID’ page will pre-populate your cellphone number plus @capitecbank, e.g., 0840000000@capitecbank.
Select an account to link to your ShapID.
Accept the terms and conditions and tap “Next”.
Confirm to have Capitec as your primary ShapID.
Tap “Next” and “Confirm your details”.
You’re now registered for a ShapID.
Tap “Share” to send your ShapID or tap “Done” to return to the home screen.
Make a PayShap Payment:
Open the Capitec Bank app and log in.
Tap on “Transact” and then select “PayShap”.
Enter the ShapID details of the person you want to pay.
If the ShapID exists, you will see a green success message.
Confirm the ShapID details with the recipient before continuing with the payment.
Conclusion
PayShap is a ground-breaking payment system changing our approach to handling money. PayShap appeals to both people and companies trying to streamline their financial life with its quickness, security, and simplicity of use. Understanding what is PayShap is a creative solution certain to have a major influence in the field of digital banking whether your business finances or daily purchases are under management.
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