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News

TymeBank integrates PayShap

Thursday 31 August 2023 10:52 CET | News

South Africa-based TymeBank has integrated PayShap, the country’s new payment system that aims to reduce dependency on cash and increase safety.

PayShap is a real-time payment service developed by BanservAfrica, the Payments Association of South Africa (Pasa), and the South African Reserve Bank. The solution’s objective is to reduce de use of cash while making payments faster and more cost-effective.

South Africa-based TymeBank has integrated PayShap, the country’s new payment system that aims to reduce dependency on cash and increase safety.

When the system was launched in March 2023, four banks integrated it, including Absa, FNB, Nedbank, and Standard Bank, and two more companies joined in August, Discovery Bank and Capitec.

More information about PayShap on TymeBank

TymeBank is one of the first banks in South Africa to offer the service free of charge for all payments up to USD 160,62 made to a ShapID. The service is automatically enabled for all TymeBank customers, without the need to register a ShapID using a phone number.

Moreover, payments sent to cellphonenumber@TYME are also automatically routed to the customer associated with the specific number, and the receiver’s details are shown before the payment is finalised. The customer’s phone does not store the funds, as they are immediately transferred to the beneficiary’s bank account, ensuring security. According to representatives, through the integration of PayShap, they want to enable individuals and business customers to use real-time digital payments across banks without transaction fees. 

PayShap’s features

PayShap on TymeBank includes the following features:

  • Payment details do not need to be exchanged, as the system enables payments using an identifier other than a bank account number registered with a participating bank;

  • Secure and instant payments;

  • Fund transfers from any bank offering PayShap;

  • Low-value payments.

The system is being launched in two phases, as the second part will introduce an additional request-to-pay feature, enabling customers to request payments and receive funds in their bank account.

TymeBank’s officials encourage financial inclusion and banking affordability to all communities, and they follow similar initiatives introduced in Brazil, India, and Singapore.
 

About TymeBank

TymeBank operates under Singapore-based Tyme Group and employs a hybrid digital banking and physical service model, offering transactional bank accounts with low or zero monthly fees and onboarding customers through physical locations, including major retailers and churches. 

Back in May 2023, the bank raised USD 77.8 million in a pre-Series C funding round led by Norrsken22 and Blue Earth Capital. The funds were intended to be used to support TymeBank’s operations in South Africa and the Philippines and facilitate expansion in Southeast Asia.

Source: Link


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Keywords: real-time payments, online payments, payments , Request to Pay, cashless
Categories: Payments & Commerce
Companies: TymeBank
Countries: South Africa
This article is part of category

Payments & Commerce

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TymeBank

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