PayShap, the rapid payments platform developed by the bank-owned clearing house BankservAfrica, is working to integrate QR code payments into the platform.
The introduction of QR codes and “other upcoming innovations” are meant to drive the adoption of rapid payments and increase financial inclusion in line with the Reserve Bank’s Digital Payments Roadmap and Vision 2025 strategy, BankservAfrica said in a statement on Thursday.
“Since its launch on 13 March 2023, PayShap has seen phenomenal growth, with transaction volumes increasing by over 1 000% between December 2023 and December 2024 alone,” said Israel Skosana, chief product and scheme officer at BankservAfrica.
“We are committed to strengthening the real-time payment rails that power PayShap and other future real-time payments innovations. Through these continuous enhancements and collaboration with banks, fintechs, regulators and other industry players, we aim to accelerate the shift from cash and shape a modern, inclusive digital payments ecosystem,” he said.
QR code payments provide increased convenience for users as they are quick and easy to use when making a payment. On the merchant side, the low cost of supporting QR codes for payment make the codes easy to deploy, which helps drive up adoption – and is seen by BankservAfrica as a boon to the informal market, since no investment in point-of-sale devices is needed to facilitate QR payments.
Standardised QR code
On the flip side, QR codes’ reliance on internet connectivity can lead to payment delays and even failed payments. QR codes have also come under scrutiny for their security vulnerabilities, particularly as they have grown in popularity in recent years, including for e-commerce.
In a February interview with TechCentral, Lesaka Technologies CEO Lincoln Mali, who is also the president of the Association of South African Payment Providers (Asapp), said the payments industry is working with the Reserve Bank to develop a standardised QR code that anyone wanting to facilitate payments in South Africa can use – whether they be a big bank or a hairdresser working on a street corner. The security standards for these QR codes are an important aspect of this collaboration, said Mali.
Read: PayShap payment limit raised to R50 000
According to BankservAfrica’s statement, rapid real-time payments platforms like PayShap are transforming economies globally. A report by ACI Worldwide, a payments software and solutions provider with customers in 95 countries and a presence in 34 of them, said international rapid payment volumes grew by 42% year on year in 2023, with a projected 17% compound annual growth rate through to 2028.
BankservAfrica said that while adoption patterns differ across markets, examples like India’s UPI and Brazil’s Pix demonstrate the potential of real-time payments to “reshape financial ecosystems”.
“PayShap’s progress reflects South Africa’s unique market conditions and user adoption trends, underscoring the importance of continued industry collaboration,” it said.
“As the scheme manager, we are pleased with PayShap’s strong operational performance, marked by stability, high availability and growing consumer adoption,” said Skosana. “With four more banks set to go live this year, we remain committed to driving innovation and expanding access to real-time payments across South Africa.” — © 2025 NewsCentral Media
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