PayShap gets the MTN MoMo boost

  • MTN MoMo customers will soon enjoy easier and faster digital payments on the platform thanks to a new integration with PayShap.
  • PayShap is getting on MoMo after the telecom formed a partnership with Investec and Electrum.
  • There is still an approval process before PayShap will become available to MoMo customers.

South African payments platform PayShap, which has been joining the most notable fintech solutions in the country for some time may have just struck its biggest win yet as the technology will now be included in the mobile money platform from MTN, MoMo.

PayShap joins MoMo after the Big Yellow telecom struck a deal with Investec and Electrum, and this is the first time PayShap has joined a non-banking firm in telecom MTN. The system was established as a way to make digital payments faster and easier and was introduced by BankservAfrica together with the Payments Association of SA.

Investec will serve as the banking partner for the integration, while Electrum will serve as the technical partner. There is also still an approval process involved before PayShap will be available to customers, MTN says.

“We are thrilled to pioneer the integration of PayShap on MoMo, redefining the landscape of mobile payments and helping to drive financial inclusion. This strategic collaboration will empower our users, especially the unbanked community, with unprecedented accessibility and convenience,” enthused Bradwin Roper, pictured above, the CEO of fintech at MTN SA.

MoMo is MTN’s wide-ranging mobile money platform, similar to others like rival Safaricom’s M-PESA, which enjoys massive adoption in East and Central Africa. Earlier this year, MTN said it had expanded access to MoMo to 10 more African nations, including Kenya, Ethiopia, Mozambique and more.

The telecom is investing significant effort and funds into its fintech services, which have proven to be golden goose for other telecoms across Africa, leveraging the continent’s young and mostly unbanked population.

“Through innovation and collaboration with MTN and Investec, this is an exciting example of a next-generation payments solution. Electrum is proud to have contributed to this transformative project, showcasing the important role that cloud payments technology must play towards South Africa’s payments modernisation efforts,” explained Dave Glass, Electrum CEO and Co-Founder.

According to MTN, it got the idea to bring PayShap into its MoMo platform from the likes of Reliance Jio and UPI AutoPay in India, where it says 80 percent of transactions are done through similar rapid payment technologies.

“We’re excited about the future of the PayShap solution in South Africa. Not only does it represent a significant milestone in the evolution of digital finance in South Africa, but it will also increase financial inclusivity, connecting more people to the safer and more efficient world of mobile payments,” Roper concludes.

[Image – Provided]


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