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MTN South Africa has partnered with Investec and Electrum to introduce PayShap, a real-time, low-value interbank digital payments service, on its Mobile Money (MoMo) platform.
This collaboration seeks to deliver users an instant and economical mobile payment solution. MoMo becomes the inaugural non-banking entity to provide PayShap, filling a significant void in serving the unbanked population.
In a joint statement issued on Wednesday, the companies announced that Investec is serving as the banking partner, while Electrum is the technical partner. They highlighted that their collaboration, which was inspired by successful global models such as Reliance Jio and UPI AutoPay in India, where 80 percent of transactions are executed through a similar rapid payment solution, aims to reshape the digital payments landscape in South Africa for both prepaid and contract subscribers.
By enabling transactions without the need for traditional bank account details, PayShap offers a more accessible alternative.
PayShap, a collaborative effort between BankservAfrica, the Payments Association of South Africa, and the Banking Association of South Africa, has rapidly gained traction. Within six months of its market launch, it surpassed one million transactions and is now available through most major South African banks. PayShap is already available through most banks, including Absa, Nedbank, Standard Bank, FNB, Capitec, and Discovery Bank.
Emmanuel Ojukwu
