- FNB is the latest local financial institution to espouse the value of PayShap for customers.
- The new instant payment service officially launched in SA last week, with four of the major banks integrating it.
- FNB says it will be a boon for those wanting to make interbank, real-time, and low-value digital payments up to R3 000.
Last week we covered the local launch of PayShap, a new instant payment service that makes transferring of funds under certain amounts far easier between banks. Nedbank was one of the first institutions to make it available to customers, and now FNB is espousing its use.
With four of SA’s largest banks now supporting PayShap, FNB believes it will be a boon for those customers wanting to make, “interbank, real-time, and low-value digital payments up to R3 000.”
The service has already been integrated into the FNB app, allowing customers access to the following features such as:
- “Instant Payment: The first-to-market instant payment solution allows FNB and RMB Private Bank customers to send money to family members and friends simply by entering their card numbers, irrespective of the recipient’s bank.
- Bill Payments: The payment solution provides a quick and convenient way for FNB customers to use the FNB App to pay their bills, including municipal, medical, and education bills, using their card and maximising rewards.
- PayMe: FNB customers use the service to digitally request funds from family or friends. PayMe is free on the FNB and RMB Private Banking Apps, as well as cellphone banking (USSD). The person requesting the funds follows a few prompts, and the payer is notified of the request.
- eWallet: FNB customers use eWallet to send money instantly to anyone with a South African cellphone number. The recipient is not charged a fee, and the money can be used to make purchases or can be conveniently withdrawn at selected SPAR, SUPERSPAR, KWIKSPAR, and Tops stores at SPAR or at FNB ATMs.”
To register for PayShap, FNB customers require an active bank account number and a cellphone registered to them.
From there a ShapID is needed for logging into the FNB App, then selecting Pay and clicking on ‘Payments Settings’ will lead to a series of on-screen prompts. FNB says it offers low pricing for PayShap payments, with free transactions below R100 and a R6 fee for transactions above R100.
“The modernisation of payment systems is a critical step in efforts to promote and entrench digital adoption in financial services. This coincides with FNB’s drive to provide a trusted digital platform that could help our customers reduce their reliance on cash through a range of alternative payment options,” added Sashin Sookroo, head of Payments for FNB Personal and Private Core Banking.
“We see PayShap as an important part of our ecosystem, and we encourage customers to use the service,” he concluded in a press release sent to Hypertext.