A new real-time payment feature that aims to help modernise payment systems and expand  financial inclusion was recently unveiled in South Africa.

Launched by payments processing platform Ozow, the PayShap Request feature enables merchants to request and receive instant payments directly from customers using just their phone number or bank account number.

Customers are not required to have a pre-registered ShapID to complete a payment and can use their bank account number to transact, without requiring an app, card, or login. Customers select the PayShap option at checkout, choose their bank, enter their phone number or account number, and follow the prompts to authenticate the payment in their banking app. 

The company says its digital payment product is a fast, secure, and user-centric solution that delivers an intuitive, user-friendly payment experience that offers customer convenience and greater accessibility for a wider range of consumers.

“By being among the first to bring PayShap Request to a live environment, we are not only offering a significant competitive edge to our merchants but also helping deliver on the South African Reserve Bank’s mandate for a modern, inclusive payments future,” said Ozow interim CEO Rachel Cowan.

Key benefits for merchants and consumers include:

• Instant payments: merchants are paid in real-time, improving cash flow and service delivery.
• Customer convenience: instant payments can be completed using only a mobile number or bank account number.
• Access to new customers: There are 4.5-million registered ShapIDs users.
• Secure: PayShap payments are authenticated directly on the customer’s banking app, with built-in fraud prevention mechanisms.
• Direct refunds: merchants can process refunds directly into a customer’s bank account. 
• No extra setup required: merchants already integrated with Ozow can enable PayShap Request with no additional development. 

PayShap is powered by BankservAfrica and supported by South Africa's banks under the Rapid Payments Programme, which helps ensure continued scale, enhanced security, and stability.