PayShap, the real-time payments platform developed by BankservAfrica, is set to integrate QR code functionality, aiming to boost adoption and financial inclusion.
Read: Microsoft gears up for Xbox handheld, reportedly built by PC partner
This move, along with “other upcoming innovations,” aligns with the South African Reserve Bank’s Digital Payments Roadmap and Vision 2025 strategy, BankservAfrica announced.
“Since its launch on 13 March 2023, PayShap has seen phenomenal growth, with transaction volumes increasing by over 1,000% between December 2023 and December 2024 alone,” said Israel Skosana, BankservAfrica’s Chief Product and Scheme Officer.
QR codes offer increased convenience and low-cost deployment, particularly benefiting the informal market. However, they are susceptible to connectivity issues and security vulnerabilities.
The payments industry, in collaboration with the Reserve Bank, is developing a standardized and secure QR code system for widespread use.
Globally, real-time payments platforms are transforming economies. ACI Worldwide reports a 42% year-on-year growth in international rapid payment volumes in 2023, with a projected 17% compound annual growth rate through 2028.
BankservAfrica cites India’s UPI and Brazil’s Pix as examples of the transformative potential of real-time payments.
“PayShap’s progress reflects South Africa’s unique market conditions and user adoption trends, underscoring the importance of continued industry collaboration,” BankservAfrica stated.
“As the scheme manager, we are pleased with PayShap’s strong operational performance… With four more banks set to go live this year, we remain committed to driving innovation and expanding access to real-time payments across South Africa,” Skosana concluded.
