This significant milestone not only positions Ozow as taking the lead in enabling PayShap Request in a live environment but also underscores its staunch support for the South African Reserve Bank’s (SARB) vision for payments modernization and financial inclusion within the country.
Since its introduction, the PayShap ecosystem has already processed over R100 billion across 136 million transactions, with more than 4.5 million ShapIDs registered. As demand for instant, secure digital payments grows, Ozow’s launch of PayShap Request ensures that merchants can immediately tap into this fast-expanding network without requiring customers to pre-register a ShapID.
The introduction of PayShap Request by Ozow aligns with current trends in the South African fintech and payments landscape, which emphasize instant payments, enhanced security, and broader financial accessibility.
The SARB’s Rapid Payments Programme (RPP), of which PayShap Request is a principal component, aims to transform the national payments ecosystem by driving digital adoption and ensuring more inclusive financial services for all South Africans.
“We are incredibly proud to be at the forefront of enabling PayShap Request for South African merchants,” said Rachel Cowan, Interim CEO of Ozow. “This launch truly demonstrates our commitment to innovation and our dedication to providing businesses with the most efficient and user-friendly payment solutions. By being among the first to bring PayShap Request to a live environment, we are not only offering a significant competitive edge to our merchants but also helping deliver on the SARB’s mandate for a modern, inclusive payments future,” said Cowan.
Enhanced customer experience and accessibility
A key differentiator of Ozow’s PayShap Request offering is its unparalleled customer convenience. Customers are not required to have a pre-registered ShapID to complete a payment.
The Ozow experience caters to those who have a ShapID registered at their bank, while those who don’t can use their account number to complete the payment. No app, card, or login required.
If a customer has not registered a ShapID (a registered phone number linked to their bank account), they can simply use their bank account number to transact, significantly reducing friction and improving accessibility for a wider range of consumers.
Customers simply select PayShap at checkout, choose their bank, enter their phone number or account number, and follow the prompts to authenticate the payment in their banking app.
This feature is particularly crucial in a market focused on bringing more individuals into the digital economy and aligns with the SARB’s drive for greater financial inclusion.
Key benefits for merchants and consumers:
- Instant payments: Merchants can get paid in real-time, significantly improving cash flow and speeding up service delivery.
- Customer convenience: Customers can make instant payments using just their mobile number or bank account number.
- Access to new customers: With over 4.5 million ShapIDs registered, PayShap opens access to digitally hesitant and risk-averse consumers, expanding the potential customer base for merchants.
- Secure and irrevocable: Every PayShap payment is authenticated directly via the customer’s banking app, with built-in fraud prevention mechanisms, ensuring secure and irrevocable transactions.
- Direct refunds: Merchants can easily process refunds directly into a customer’s bank account.
- No extra setup required: Merchants already integrated with Ozow can enable PayShap Request with no additional development needed, ensuring a seamless transition and immediate benefits.
“Account-to-account payments have been central to Ozow’s model from the start, and with PayShap enabling deeper integration between banks and fintechs, we’re one step closer to a more interoperable payment ecosystem,” said Cowan
