TymeBank, South Africa’s fastest growing digital bank, has become the latest bank to offer PayShap. It also promised to be the first South African bank to offer the new real-time interbank digital payments service to its 7.6-million customers for free for all payments up to the R3,000 limit made to a cellphone number (ShapID).
This reinforces the bank’s commitment to making banking affordable for South Africans across the economic spectrum.
PayShap, which aims to reduce South Africans’ dependence on cash and build trust in digital payment methods, makes payments safer, faster, and more cost-effective.
“With the aim of digitising cash payments, TymeBank has already been offering customers different low-cost instant payment options for some time now,” says TymeBank Chief Commercial Officer Cheslyn Jacobs.
“However, we have been eagerly awaiting our turn to join the PayShap revolution. By making PayShap to mobile numbers free, we are giving all our individual and business customers the opportunity to fully enjoy the benefits of real-time digital payments across banks without having to worry about transaction fees.”
In addition to PayShap, TymeBank customers still have access to other low-cost instant payment options, namely:
- SendMoney, which has a R5,000 daily limit, enables free payments between TymeBank customers, while payments to other banks cost R7.
- Instant EFTs, which has a daily maximum limit of R20,000 and its fee (the lowest in the market) depends on how much a customer sends.
PayShap is automatically enabled for all TymeBank customers. There is no need to register a ‘ShapID’ using a cellphone number.
