This is according to Nthabiseng Mohale, head of interbank and domestic payments at Standard Bank Group, who spoke to TechCentral at the launch of Standard Bank Corporate and Investment Bank's Payments in Africa white paper on Wednesday.
The white paper looks at the payments ecosystem across the continent, highlighting key developments in mobile payments, regional payment corridors, the modernisation of regulatory regimes and the growth of instant payment facilities. In compiling the report, Standard Bank CIB identified and reflected on barriers to rapid payments adoption in South Africa and found that price was chief among them.
"Each bank has its own pricing strategy and that is a problem because from an inclusion perspective, PayShap was meant to be cost effective. As the banking industry we need to review our pricing strategy - how we charge the end user to access or initiate a PayShap payment - because if PayShap costs the same as an EFT, for example, then why would people use it?" asked Mohale.