GoTyme Bank says its customers now originate about a quarter of PayShap payments to cellphone numbers.
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Telecoms companies, fintechs and retailers will be able to connect directly to the national payments system.
The Reserve Bank wants all of South Africa’s ATMs white-labelled, with free transactions below a threshold, starting with a pilot in January.
South Africa cannot bank the unbanked until it solves identity, Nedbank’s outgoing COO has said.
The banks no longer govern the payment system through a body of their own. A second, larger wave of change is already moving.
Reserve Bank governor Lesetja Kganyago signals a payments bill that will treat fintechs like banks on like activities.
The Competition Commission has recommended approval of Capitec’s R400-million Walletdoc acquisition subject to conditions.
Developer PayInc has acknowledged that fees and inconsistent bank UX have slowed PayShap adoption.
PayShap will only truly work when it reaches critical mass. Three years in, it’s clear it hasn’t done so. Here’s why.
Standard Bank now has the second-lowest PayShap fees in the country behind TymeBank, where they remain free.