Qr Code Payments Are Coming To Payshap

The introduction of QR codes and "other upcoming innovations" are meant to drive the adoption of rapid payments and increase financial inclusion in line with the Reserve Bank's Digital Payments Roadmap and Vision 2025 strategy, BankservAfrica said in a statement on Thursday.

"Since its launch on 13 March 2023, PayShap has seen phenomenal growth, with transaction volumes increasing by over 1 000 between December 2023 and December 2024 alone," said Israel Skosana, chief product and scheme officer at BankservAfrica .

"We are committed to strengthening the real-time payment rails that power PayShap and other future real-time payments innovations. Through these continuous enhancements and collaboration with banks, fintechs, regulators and other industry players, we aim to accelerate the shift from cash and shape a modern, inclusive digital payments ecosystem," he said.

BankservAfrica said that while adoption patterns differ across markets, examples like India's UPI and Brazil's Pix demonstrate the potential of real-time payments to "reshape financial ecosystems".

"PayShap's progress reflects South Africa's unique market conditions and user adoption trends, underscoring the importance of continued industry collaboration," it said.