What are the benefits of instant payments via PayShap?

PayShap lets you move money between South African banks instantly, at any time, day or night. With GoTyme Bank, it is free up to R5,000, there is nothing to sign up for and you can pay someone using their bank account or cellphone number. Here is what that means in practice.

The main benefits of Instant Payments via PayShap

• It is fast. An Instant Payment via PayShap arrives in the recipient's account instantly, not in one to three business days.
• It is free for everyday amounts. Payments up to R5,000 cost nothing with GoTyme Bank, after that, it's a flat R7 fee up to the R50,000 limit. Receiving money is always free.
• It runs around the clock. There are no cut-off times, so it works at 2 am, on a Sunday and on public holidays.
• You can pay by cellphone number. Someone's number is linked to their ShapID, so you do not need their account number or branch code to pay them.
• You see who you are paying. When you pay to a bank account or cellphone number, the recipient's registered name shows before you confirm, which helps you avoid mistakes and scams.
• There is nothing to set up. PayShap is automatically enabled on your GoTyme Bank app, so you don't need to download a different app or register.

PayShap also makes getting paid instant

PayShap is not only for sending. A Payment Request via PayShap lets you ask someone for money and have it land in your account the moment they approve. 

Open a GoTyme Bank account and start sending money instantly with PayShap, for free under R5,000.