What is a PayShap payment and how does it work?

An Instant Payment via PayShap is money sent between South African banks in real time, arriving in the recipient's account within seconds. You can send it to a normal bank account number or to a cellphone number, which is what makes it different from the payments most people are used to. With Instant Payments via PayShap, payments are free up to R5,000.

How a PayShap Instant Payment works

PayShap runs on shared national payment infrastructure connecting participating banks directly. Each payment is processed on its own the moment you authorise it, rather than being batched and settled overnight. You send it from inside your banking app, so there is nothing extra to install, sign up or register for.

What is a ShapID?

A ShapID is a short alias pointing at someone's bank account, usually their cellphone number. It means you can pay a person without asking for their account number and branch code, which is the part of paying someone new that usually causes the delay. With GoTyme Bank your ShapID is created for you automatically. Your ShapID is your registered cellphone number with @GOTYME, e.g. yourcellphonenumber@GOTYME but there's nothing you need to set up as it’s all already done automatically.

What an Instant Payment via PayShap costs with GoTyme Bank

Free up to R5,000, then a flat fee of R7 up to the R50,000 limit. The fee does not change with the amount, so sending R6,000 and sending R50,000 both cost R7 with PayShap. Most everyday payments sit under R5,000, which means splitting a bill or sending money home is instant and costs you nothing.

Why people use Instant Payments with PayShap

There are no cut-off times, so it works at midnight and on public holidays. When you pay to a cellphone number you see the recipient's registered name before you confirm. A standard EFT normally takes one to three business days and needs full account details every time.

Send money instantly with Instant Payments via PayShap.