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It’s the year 3023. While driving your plutonium-fuelled hover car, you get a call from your daughter asking for money to buy a vintage paperback novel (they are sought-after collectibles now). You quickly give a voice instruction to your car’s monitor to pay the amount to your daughter. Ten seconds later she has the money and is gingerly flipping through the precious pages of an actual physical book.
Well, while there’s no guarantee of that hover car or the possible extinction of books, real-time digital payments don’t need to be imagined. With PayShap the future is here, and with TymeBank it’s free.
Join the cashless revolution
South Africa’s rapid payment programme, PayShap, is now offered by the country’s fastest growing digital bank, TymeBank. PayShap, an industry collaboration led by the financial sector’s clearing house, BankservAfrica, allows you to transact instantly without sharing banking details. It aims to help eliminate the need for cash to pay smaller businesses, or to exchange funds with friends or family members, regardless of the bank you use.
The benefits of real-time payments have been embraced around the world. Brazil’s Pix, India’s UPI and Singapore’s PayNow are just some of the successful examples that precede South Africa’s PayShap. Aimed at reducing cash transactions and offering an alternative to existing payment instruments, such as ATMs, these payment options are driving financial inclusion by cutting down the barriers of time, cost and distance.
Safer, cheaper and quicker than cash
Physical cash can be lost, stolen or damaged, and withdrawing money incurs fees. Furthermore, while payments have come a long way, electronic funds transfers (EFTs) are still not truly immediate, they can also incur a fee and they require bank account details. PayShap provides an instant digital alternative to cash that is both safer and more convenient.
PayShap addresses the issue of speed: payments reflect in the recipient’s account within 10 seconds of it being made. And with PayShap you would use a ShapID, which eradicates the need for sharing account information. So, with the integration of PayShap, you can now make convenient, real-time payments to anyone, anywhere, and at any time, starting from just R1 to R3,000.
From a safety issue, it’s important to note that funds are not stored on a customer’s mobile device and are always paid directly into the recipient’s bank account, within seconds. This means if a customer’s phone is stolen, the thief has no access to the funds.
TymeBank is the only bank that is not charging any fee for PayShap transactions made to a cellphone number (ShapID). TymeBank’s 7.7 million customers can now receive and make easy and secure instant payments up to R3000 to anyone using ShapID for free.
How to use PayShap with TymeBank
Firstly, to send and receive PayShap payments, you will need an active TymeBank EveryDay/EveryDay Business bank account and a linked cellphone number.
To send payments instantly to any PayShap participating bank without using bank account details, all you need is the recipient’s ShapID.
Receiving PayShap ShapID payments - now, this is where it gets even easier: Whereas other banks may require customers to create a ShapID, PayShap is automatically enabled for all TymeBank customers, i.e. there is no need to register your ‘ShapID’ using a cellphone number. Simply, payments sent to ‘cellphonenumber@TYME’ for personal accounts or ‘cellphonenumber@TYMESME’ for business accounts will automatically be routed to the account associated with that specific cellphone number, in real-time.
As a leading digital bank, we appreciate the demand for affordable, instant payments, which is why we offer consumers the most affordable and simplest way to pay someone.
Open a TymeBank account in less than 5 minutes.
This post and content is written by TymeBank and sponsored by BankservAfrica
