Increase PayShap limit  

Terms and conditions

1. Introduction and definitions

   1.1. By using the PayShap service, you acknowledge that you have read and understand these terms and conditions, including any associated Nedbank (we, us, our) digital channel and account terms and conditions. You must therefore read all these terms and conditions together.

   1.2. With the PayShap service you can make payments to people who hold accounts with us and other PayShap participants, and you can request and receive payments from them.

   1.3. We may charge a fee for the PayShap service. Please refer to our website at nedbank.co.za for the latest fees.

   1.4. In these terms and conditions: 

   1.4.1. Clause headings are for convenience; and

   1.4.2. Unless the context indicates a contrary intention –

   1.4.2.1. The singular includes the plural and vice versa; and

   1.4.2.2. The following words and expressions have the meanings set out below: 

2. Your ShapID

2.1. Your cellphone number will be your ShapID. 

2.2. If your cellphone number changes, we will deregister your existing ShapID and you will have to register a new ShapID. 

2.3. You can deregister your ShapID at any time.

2.4. If you deregister your ShapID:  

2.4.1. We will unlink your Nedbank account from your ShapID; 

2.4.2. We will remove your display name (the first letter of your first name and your full surname), which is linked to your ShapID; and

2.4.3. You will not be able to receive PayShap payments to your ShapID, but you will be able to receive them in your Nedbank account.

2.5. If your ShapID is deemed to have been involved with suspicious behaviour for PayShap payments, we reserve the right to restrict the use of your ShapID and the Payshap service and share the information with the PayShap scheme operator as well as other participants.  

2.6. By accepting these terms and conditions, you consent to us processing your personal information, specifically relating to the use of:

2.6.1. The first letter of your first name and your full surname; and

2.6.2. Your cellphone number.

3. PayShap features

3.1. Making payments

You can make PayShap payments using the PayShap service to a payee’s bank account or to their ShapID. 

3.2. Receiving payments 

A payer can make PayShap payments using the PayShap service to your account or your ShapID. 

3.3. Accessing money 

3.3.1 You or a payee will have access to the money once we have confirmed that the PayShap payment has been made, subject to the following: 

3.3.1.1. Our processing times. 

3.3.1.2. The processing time of other PayShap participants. 

3.3.1.3. The availability of: 

• The PayShap scheme operator; 
• Other PayShap participants systems; and 
• Our PayShap service.  

3.4.  Cancelling and reversing payments 

3.4.1. Because a PayShap payment happens in near-real time, it is irrevocable – you and the payer cannot cancel or reverse the PayShap payment.

3.4.2. You must therefore ensure that the payment amount, as well as the payee’s account number or ShapID and their display name, are correct before you make a PayShap payment. 

4. PayShap request

4.1. Receiving a PayShap request and making a payment

4.1.1. A prospective payee can send a PayShap request to your account number or ShapID for you to pay them.

4.1.2. You must have an account with us to receive a PayShap request and make a PayShap payment in terms of a PayShap request.

4.1.3. If you no longer have an account with us, we will cancel any PayShap requests that have not expired as at the date from which you no longer have an active account. 

4.1.4. We will notify you when a PayShap request is received.

4.1.5. If you do not decline or pay the PayShap request, it will expire on the expiry date.

4.1.6. If you have more than 1 account with us, you can select from which account you will pay.

4.1.7. If the payee has stipulated the minimum and maximum amount in the PayShap request, you can pay the maximum or the minimum amount, or you can pay any amount between the minimum and maximum amount. 

4.1.8. When you receive a PayShap request, we will give you the payee's FICA name for your confirmation before you make the PayShap payment. If the information is incorrect or does not correspond with the information that is available to you, you must decline the PayShap request. 

4.1.9. You can see the PayShap requests that have expired and those you have declined.

4.2. Sending a PayShap request

4.2.1. You can send a PayShap request if you have an account with us. 

4.2.2. If you no longer have an account with us, we will cancel any PayShap requests that have not expired at the date from which you no longer have an account with us.

4.2.3. You can see the PayShap requests that have been cancelled and those that have expired. 

4.2.4. When you make a PayShap request, you can indicate a minimum and a maximum amount to be paid to you. The payer can pay either the maximum or the minimum amount, or they can pay any amount between the minimum or maximum amount. You can indicate if a minimum amount must be paid, for example the partial payment of an invoice. 

4.2.5. You can indicate an expiry period of the PayShap request. This expiry date cannot be more than 45 days from the date and time at which you sent the PayShap request. If you do not stipulate an expiry period, it will default to 14 days.

4.2.6. When you send a PayShap request, we will send your FICA name to the payer. 

5. PayShap service times 

5.1. You can use the PayShap service on any day and at any time, including weekends and public holidays.

6. PayShap service limits 

6.1. PayShap maximum payment limit: R50 000. (To change this limit, use the Money app or Online Banking, visit your nearest branch, or call 0860 555 111.)

6.2. PayShap payment daily limit: R50 000. (For security reasons we limit the amount that can go out of your account in a day.)

6.3. You can send PayShap requests for up to R50 000 a day. 

7. Indemnity

7.1. You understand and agree that you will use the PayShap service at your own risk. 

7.2. You indemnify us against and hold us harmless from all demands, claims, actions, losses and damage that may be made, instituted or brought against us or that we or you may incur, sustain or suffer because of the following:

7.2.1. You or any other person acting on your behalf submitted a PayShap request, made a payment in response to a PayShap request, or made a payment using the PayShap service in general.

7.2.2. The payee(s) did not receive their money within the stipulated clearing times. 

7.2.3. There was an error (for example an incorrect account number, ShapID or amount): 

7.2.3.1. In the information that you have used to send a PayShap request;

7.2.3.2. In the payment in response to a PayShap request; or 

7.2.3.3. In the use of the PayShap service in general.