PayShap, The South African Reserve Bank’s (SARB) real-time rapid payments platform was launched last week. The new payment system aims to facilitate more diverse, safer, and faster payment options. The first phase of the rollout includes Absa, First National Bank, Standard Bank and Nedbank, with more banks expected to join in the second phase.
SARB's Vision 2025 Goal
PayShap forms part of SARBs Vision 2025, aimed at enhancing the payment system of South Africa. The 9 primary goals of Vision 2025 are:
- Promoting competition and innovation
- Financial inclusion
- Regional integration
- Transparency and public accountability
- Cost effectiveness
- Transparent regulatory and governance framework
- Financial stability and security
These goals provide an interesting framework to consider our local digital payments solutions against.