What is the difference between Instant Payments and Immediate EFT?

An Instant Payment is the fast and free way to ensure that your money lands where it should immediately, with GoTyme Bank and PayShap. It’s BETTER than Immediate EFT. What most people mean by "immediate payment" is immediate EFT, the older premium service banks have offered for years. Instant Payments run on newer infrastructure, cost far less and give you more ways to pay.

Cost. This is the biggest gap. At GoTyme Bank, Instant Payments via PayShap are free up to R5,000 and a flat R7 above that. Traditional immediate EFT carries a premium fee at most South African banks, charged on every payment no matter the size.

Technology. PayShap runs on the Rapid Payments Programme, built by PayInc, formerly BankservAfrica, under the South African Reserve Bank. Immediate EFT uses interbank clearing designed decades ago for a smaller number of high-value transfers.

What you need to pay. An Instant Payment via PayShap can go to a normal bank account number or to a ShapID, which is your registered cellphone number with a bank identifier e.g. yourcellphonenumber@GOTYME. That second option means you can pay someone without asking for their account number and branch code. Immediate EFT needs full bank account details every time.

Speed and limits. Both clear in seconds, but PayShap runs 24 hours a day, every day, with no cut-off times. With GoTyme Bank you can send up to R50,000 in a single PayShap instant payment and up to R500,000 with GoTyme Standard Payments.

Most everyday Instant Payments fit comfortably inside the PayShap limit. Splitting a bill, paying someone who has done work for you or sending money home are all well under R5,000, which means they cost you nothing with us.

Learn more about GoTyme Instant Payments and PayShap.