Standard Bank has seen a notable rise in instant payments, largely fueled by the increasing popularity of PayShap, alongside a steady growth in other immediate interbank transactions. In the last year, the number of clients at Standard Bank signing up for PayShap rose by 9%, while the active utilization of ShapID for transactions surged dramatically, increasing by (817%) year-on-year.
The adoption of PayShap ID has surged between the first and third quarters of 2024, reflecting its increasing popularity among Standard Bank clients. The average transaction value for PayShap payments has fallen to R498 from R594 in the first quarter, signaling a shift towards micro-payments.
Rufaida Hamilton, Standard Bank’s head of payments in South Africa said, “This data clearly shows that consumers are increasingly seeking more convenient payment solutions. They want their transactions to clear instantly. Even our other immediate interbank transactions, beyond PayShap, have continued to rise, highlighting a growing preference for instant payments among our customers. We’re also seeing a surge in repeat clients making PayShap transactions, which shows a growing trust in this new payment service. This move makes PayShap even more accessible and convenient for all our clients, further demonstrating Standard Bank’s commitment to expanding financial inclusion.”
Since its launch in March 2023, the payments industry has processed over 74.2 million PayShap transactions, totaling R46 billion. In response to this success, Standard Bank has now introduced PayShap on cellphone banking, enabling customers to make instant payments via USSD directly from their phones.