New members
MTN Teams Up with Investec to Roll Out PayShap on MoMo
MTN, Investec, and Electrum introduced PayShap to MoMo, MTN's Mobile Money service. This marks a big step towards better digital payments in South Africa.
MTN is a member of the French South African Chamber of Commerce and Industry (FSACCI).
PayShap is a real-time, low-value digital payment service for banks. It was launched by the South African Reserve Bank earlier this year. Within six months of its debut, it surpassed one million transactions.
The app is available through major banks. These include Absa, Nedbank, Standard Bank, FNB, Capitec, and Discovery Bank. PayShap is now being added to MTN's MoMo platform. This makes it the first non-bank to offer this service.
Bradwin Roper is MTN South Africa’s Fintech CEO. He emphasizes that adding PayShap to MoMo will drive financial inclusion. This will happen especially among the unbanked. It will do this by providing access and convenience.
Investec Bank CEO Cumesh Moodliar emphasizes Investec's commitment to financial inclusion. It is the banking partner for PayShap. PayShap aims to bridge the gap between traditional banking and mobile solutions.
It draws from successful global models like Reliance Jio and UPI AutoPay in India. There, fast payment solutions dominate 80% of transactions. MTN sees a promising future for PayShap in South Africa.
Roper is excited about PayShap's potential. He sees it as a big milestone in South Africa's digital finance evolution. It promises safer and more efficient mobile payments for all.
