PayShap – making instant digital payments simple
PayShap lets you make and receive secure bank account payments instantly.
Most of us like to have cash in hand to buy what we need as we go about our daily lives. It’s the fastest way to pay for goods or services on the spot, and when you get paid in cash, the money is available straight away to pay for whatever else you need. That’s why cash is still king for many of us, especially entrepreneurs running small or microenterprises on tight budgets.
However, there are some drawbacks to transacting only in cash. Security is an issue – if you keep all your earnings and savings in cash, a theft could leave you with nothing.
There are more secure ways for you to receive personal or business payments.
Introducing PayShap: another way to make banking as convenient as cash
Through the rapid, ongoing innovation of digital banking, Nedbank offers safer and more convenient ways to pay – for even the most committed fans of cash. With the Nedbank Money app, Online Banking or Cellphone Banking, you can link a variety of affordable transactional accounts to your ShapID, and it gives you the option to receive payments instantly, without cash changing hands.
Using your cellphone, smart device or computer to pay or get paid instantly just got easier with the arrival of our new payment method, PayShap. Along with Absa, FNB, Capitec, Discovery, Investec and Standard Bank, Nedbank has launched this payment option so that clients can pay for day-to-day transactions with the same speed and ease as paying in cash. Using PayShap also reduces the amount of cash you have on you, so you’re less vulnerable to theft.
PayShap is also available for incoming business payments, although when you sign up your business to the system, you’ll get a ShapName (rather than a ShapID). Your customers can then pay money into your account instantly – just like cash.
You need a ShapID or ShapName only to receive PayShap payments, not to make them
Signing up for your ShapID is super-fast
To be clear: PayShap is not an app, a product, a payment wallet or a platform. It’s an instant payment system, designed to offer the best online payment method as fast as cash. The secret to instant digital payments is your ShapID or ShapName – a unique identification number linked to your bank account that allows you to receive payments in real time. It takes only moments to sign up for your ShapID or ShapName digitally.
Once you have a ShapID, you don’t have to send branch codes, account types or account numbers to someone who wants to pay you digitally – all they need to know is your ShapID or ShapName. And you need a ShapID or ShapName only to receive PayShap payments, not to make them.
If you bank with Nedbank, Absa, FNB, Capitec, Discovery, Investec or Standard Bank and you want to pay someone via PayShap, follow these steps:
1. Log in to your preferred banking channel and select PayShap from the list of payment options.
2. Enter the recipient’s ShapID or ShapName and the amount.
3. Finalise the payment.
The money will show in their account instantly.
Get a ShapName and improve your business operations with PayShap
The process of signing up your business to PayShap is just as simple as signing up your personal bank account to a ShapID: just create a ShapName linked to your business account and share it with your customers to pay you instantly. You won’t have to make change or carry cash around, and not having to wait for customers to pay you will improve your cash flow.
For now, businesses can only receive PayShap payments and not make them – but we will be launching new features soon. Make sure that you’ve registered your enterprise on the Nedbank Business Hub, a world-class digital platform for all types of businesses.
