Standard Bank has experienced a significant increase in instant payments, driven by a growing uptake of PayShap, while other immediate interbank transactions have continued to grow. Over the past year, the number of Standard Bank clients registering for PayShap grew by 9%, and active use of ShapID for transactions has increased tenfold (817%) year-on-year.
“This data clearly shows that consumers are increasingly seeking more convenient payment solutions. They want their transactions to clear instantly,” says Rufaida Hamilton, Standard Bank’s Head of Payments in South Africa. “Even our other immediate interbank transactions, beyond PayShap, have continued to rise, highlighting a growing preference for instant payments among our customers.”
The growth in the use of PayShap ID has accelerated even further between the first and third quarters of 2024, demonstrating the rapid entrenchment of PayShap as a go-to payment method for Standard Bank clients.
In terms of transaction values, the average PayShap payment now stands at R498, down from R594 in the first quarter of this year. Hamilton notes that this decline signals a shift towards using PayShap for micro-payments, demonstrating that the platform – designed for fast, low-cost transactions for everyday needs – is fulfilling its purpose.
Since its launch in March 2023, the broader payments industry has processed over 74.2 million PayShap transactions, worth a combined R46 billion.
“We’re also seeing a surge in repeat clients making PayShap transactions, which shows a growing trust in this new payment service,” adds Hamilton.
As a result, Standard Bank recently introduced PayShap on cellphone banking, allowing customers using USSD to make these instant payments from their phones. Standard Bank and some other banks will also launch Payshap Request to Pay this December. Hamilton adds, “This move makes PayShap even more accessible and convenient for our all our clients, further demonstrating Standard Bank’s commitment to expanding financial inclusion.”
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