Does money sent through PayShap go into an e-wallet?

No. Money sent through PayShap goes directly into the recipient's bank account. There is no e-wallet, no holding space and no voucher code to claim, which is the main thing people get wrong about it.

How PayShap moves money

PayShap is South Africa's real-time payment system. It connects participating banks so money can move between them in seconds, at any hour, on any day of the year.

A PayShap transfer runs from one bank account to another. You can send it to an account number or to a ShapID, which is a short alias pointing at someone's bank account. With GoTyme Bank your ShapID is your registered cellphone number with @GOTYME after it.

Either way, the destination is a bank account. The cellphone number is just an easier way of finding it.

How PayShap differs from an e-wallet

E-wallet services usually work by holding the money somewhere in between. The recipient gets a code, withdraws cash at an ATM or a till and the value often expires if nobody collects it.

A PayShap payment skips all of that. Nothing to accept, nothing to redeem and nothing that runs out. The money simply appears in their account and they can spend it, swipe it or withdraw it exactly as they would their salary.

What the PayShap payment method means in practice

The person you are paying needs a bank account at a participating South African bank. Your recipient will get the money in seconds, both of you are notified and every payment is authorised with biometrics or a one-time PIN before it leaves your account.

If they do not have a bank account

PayShap won’t work then. Send them a money voucher instead, so they can collect the cash without needing an account of their own. 

See how PayShap works with GoTyme Bank.