• TymeBank has announced that its customers now have access to the PayShap system that was implemented locally in March.
• The digital-first bank says PayShap is free to use by customers on any payments less than R3 000.
• TymeBank still has its SendMoney solution, which has a R5 000 daily limit and enables free payments between its customers.

In March this year, most of the South African financial institutions announced that would be facilitating payments between their customers’ accounts after the adoption of PayShap as a new standard. Now TymeBank has done the same, confirming that its customers now have access to the feature.

On top of this, the digital-first bank has also confirmed that all payments under the R3 000 limit are free and will not carry any fees. This is similar to promotions that other banks announced earlier this year, but it looks like TymeBank has not placed any cutoff date or limit on payments sans fees, provided they are less than R3k.

“With the aim of digitising cash payments, TymeBank has already been offering customers different low-cost instant payment options for some time now. 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,” enthused CCO Cheslyn Jacobs, in a press release sent to Hypertext.

“Built as a South African Payments industry initiative, PayShap has been changing the way South Africans pay since its market launch in March. We are extremely excited to welcome TymeBank to this exciting space that offers a wide range of benefits for individuals and small merchant account holders,” added Mpho Sadiki, chief product officer at BankservAfrica.

While the addition of PayShap will be welcome news to many TymeBank customers, the institution also pointed out some of its own helpful solutions, such as SendMoney and Instant EFT.

The bank explained the two currently available features as follows:

• “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.”

If your interest has been piqued by PayShap, you can find out more about the offering which has been implemented by most of the country’s banks, here.