Investec Integrates PayShap with MTN Mobile Money Platform which has been a major player in driving mobile payments across South Africa.Now, they’re taking a significant leap forward with the integration of PayShap, an instant payment system.

This exciting partnership with Investec and Electrum positions MTN MoMo as the first non-banking service provider to offer PayShap, making a real difference for the unbanked population in South Africa.

MoMo lets you store your payment cards and financial information securely on your phone. This digital wallet lets you shop online or tap-to-pay at millions of stores, restaurants, and even taxis worldwide.

Millions of South Africans remain unbanked, lacking access to traditional financial services. This creates a significant barrier to full participation in the modern economy.

MTN MoMo, by partnering with the established banking power of Investec and the technical expertise of Electrum, aims to bridge this gap with PayShap.

Investec will act as the secure financial partner for transactions, while Electrum ensures the smooth technical implementation of PayShap on the MoMo platform.

Investec Bank CEO Cumesh Moodliar said Investec, as the banking partner for the service, shows its commitment to enabling financial inclusion.

“By bridging the gap between traditional banking and mobile solutions, we aim to foster a financial ecosystem that serves all segments of society,” he said.

PayShap: A Modern Payment Solution

PayShap is the brainchild of the industry-led Rapid Payments Program in South Africa. Its primary function is to provide a real-time, interbank digital payment alternative to cash.This innovative service allows instant transfers straight to your bank account, regardless of the recipient’s bank.

This removes the need for cash on hand and simplifies transactions considerably. PayShap draws inspiration from successful global models like Reliance Jio and UPI AutoPay in India, where a large portion of transactions happen through similar rapid payment systems.

PayShap is a real-time, low-value, interbank digital payments service launched by the South African Reserve Bank earlier this year.The service exceeded the one million transaction milestone within six months of its market launch.

PayShap is already available through most banks, including Absa, Nedbank, Standard Bank, FNB, Capitec, and Discovery Bank.

A Transformation for South Africa’s Payments Landscape

The integration of PayShap into MTN MoMo has the potential to be a game-changer for South Africa’s digital payments landscape.By offering a secure, instant, and user-friendly payment option, PayShap can empower more people to participate in the digital economy.

MTN South Africa’s Fintech CEO, Bradwin Roper, said integrating PayShap on MoMo will help drive financial inclusion.

“This strategic collaboration will empower our users, especially the unbanked community, with accessibility and convenience,” he said.

United Kingdom Investment in Kenya’s Green Initiatives

The partnership between MTN MoMo, Investec, and Electrum to bring PayShap to the forefront is a significant step towards a more inclusive financial future for South Africa. With MoMo and PayShap, managing your money and making payments has never been faster or easier.

PayShap operates like cash – it’s instant and can’t be reversed. To ensure smooth transactions, double-check the recipient’s ShapID or ShapName before confirming payment.

By offering a secure and convenient instant payment system, PayShap on MoMo has the potential to bridge the gap for the unbanked and empower millions of South Africans.

This collaboration is not just about innovative technology; it’s about creating a more connected and financially inclusive society.With MoMo and PayShap, managing your money and making payments has never been faster or easier.