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With the integration of PayShap, Discovery Bank clients can now make convenient and affordable real-time payments to anyone, anywhere, and at any time, starting from just R1.
Payments have come a long way in the past few decades. Looking at the history of payments, electronic funds transfers (EFTs) have made it easier to pay others, but they aren't as immediate as cash and require entering account details. And real-time clearance (RTC) fees were too expensive and still required accurate account information. However, volumes have gone up by 45% in the past year as banks reduced fees – indicating pent-up demand for affordable instant payments.
PayShap addresses the issues of real-time payments and the need for account information by offering consumers a more affordable and simpler way to instantly pay someone. Banks in South Africa have introduced PayShap as an alternative payment option with a different payment process and fees compared to real-time payments. Since its launch in March, PayShap has processed over 800 000 transactions.
“By integrating PayShap into Discovery Bank’s existing payment ecosystem, we can offer our clients a single, easy way to make instant payments with a consistent fee structure. Our systems will automatically choose the most efficient payment network for each transaction,” says Akash Dowra, Head of Client Insights at Discovery Bank. With the integration of PayShap, Discovery Bank clients can now make convenient and affordable real-time payments to anyone, anywhere, and at any time, starting from just R1.
At Discovery Bank, instant payment fees are lower than the average in the market for most payment amounts. Additionally, Discovery Bank Black Transaction Account (bundled fees option), Black Suite, and Purple Suite clients receive 30 free real-time payments per month.
This month, Discovery Bank became the latest bank to join the PayShap revolution. Clients can start using South Africa’s new real-time, low-value, interbank digital payments service and enjoy the full experience of instant convenience.
“By integrating PayShap into our real-time payment systems, we automatically route payments through PayShap where appropriate, offering clients a single, seamless and more affordable way to complete payments instantly,” Dowra said.
For more information on PayShap and all Discovery Bank’s payment features please visit here.
This post and content is written by Discovery Bank and sponsored by BankservAfrica.
