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NEW! PayShap
- 16 March 2023
- Accounting
- South African Accounting Academy
PayShap is the result of five years of collaborative effort between the Payments Association of South Africa, BankServAfrica and the South African Reserve Bank, and allows individuals to make instant payments to service providers across the board whether they be a hairdresser, fruit vendor, gardener or car guard.
The payment takes place using cellphones and the only pre-requisite is a service provider's mobile number - no banking details are required.
While originally intended to be used among individuals, the app has far-reaching benefits for small businesses too.
PayShap is not a standalone app and is accessed through existing banking channels only such as mobile banking and internet banking.
It also uses distributed ledger technology and the Amazon Web Services cloud platform.
PayShap will be released to the market in two stages:
- The first leg will see the launch of the PayShap instant clearing feature that gives the option to pay-by-account (using account details) or pay-by-proxy (using a unique identifier such as a cellphone number (ShapID).
- The second leg, will introduce an additional request-to-pay function which will make it possible for a person to initiate a request for payment and receive money securely and immediately in their bank account.
A much longer list of banks is expected to join PayShap in the near future, among them Discovery Bank, Standard Chartered Bank and Capitec.
Click here to access the article:
https://www.bizcommunity.com/Article/196/518/236802.html
Relevance to Auditors, Independent Reviewers & Accountants:
- Individuals and companies should be aware of the latest technology available to make their lives easier, especially when it affects the way they do business.
- As an auditor and independent reviewer, you may need to consider the impact of PayShap on your clients and their business.
Relevance to Your clients:
- Individuals and companies should be aware of the latest technology available to make their lives easier, especially when it affects the way they do business.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
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