62% of PayShap payments are under R500, of which 27% are under R100 and free for FNB customers
31 July 2023 – FNB has revealed that its customers continue to embrace PayShap for low-value payments. It says 62% of all PayShap payments made by FNB customers are under R500, and of these, 27% are below R100, making them completely free for its customers. PayShap is a new, modernised real-time payment solution that facilitates digital payments of up to R3000. FNB was one of the first financial institutions to launch PayShap in March 2023.
Christelle Pretorius, CEO of Personal Core Banking at FNB, says, “Even though many people still need cash for multiple reasons, it is risky to rely on cash. Digital payments, on the other hand, are more convenient because they have strong security measures to keep transactions safe, and every payment is recorded. This is why an industry solution such as PayShap is important, and we’re delighted to see many of our customers capitalising on our free transactions below R100, as this helps to facilitate financial inclusion by minimizing barriers to entry into financial services.”
The sentiment is echoed by Ravi Shunmugam, CEO of EFT Product House at FNB, who says, “The widespread mobile penetration in the country supports the uptake of digital payments, empowering millions in South Africa to participate in the formal economy safely and conveniently. Therefore, we see PayShap as an integral part of our payment ecosystem and are encouraged by the positive response we see among all income segments.
In addition to PayShap, FNB provides a range of digital payment solutions including:
Instant Payment: FNB and RMB Private Bank customers can send money to family and friends in real-time to participating banks in South Africa, by simply entering their card number. Bill Payments: FNB customers can conveniently settle municipal rates, medical, and electricity bills through the FNB App, using their card and maximizing rewards. PayMe: FNB customers can digitally request funds from family or friends, with the process easily initiated on the FNB and RMB Private Banking Apps or through cellphone banking (USSD). The payer receives a notification and follows a few prompts to complete the transaction. eWallet: FNB customers can instantly send money to any South African cellphone number through eWallet. Recipients are not charged a fee and can utilize the funds for purchases or withdraw them conveniently at selected SPAR, SUPERSPAR, KWIKSPAR, and Tops stores at SPAR, as well as FNB ATMs.Registering for PayShap is easy for FNB customers; all that is required is an active bank account number and a cellphone registered in their name. Creating a ShapID is as simple as logging into the FNB App, selecting ‘Pay,’ clicking on ‘Payments Settings,’ and following the on-screen prompts.
FNB customers embrace PayShap for low-value payments
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