Instant payments platform PayShap is coming to MTN's Mobile Money ( MoMo ) platform through a partnership with Investec and Electrum.
The move will make MTN MoMo the first non-banking player to offer PayShap. It also addresses a "critical gap" in serving the unbanked population, MTN South Africa said in a statement on Wednesday.
Investec will act as the banking partner for the initiative, while Electrum is the technical partner overseeing the implementation of PayShap on the MoMo platform.
PayShap is a real-time, interbank digital payment service. It was born out of the payments industry-led Rapid Payments Programme to design a viable alternative to cash payments.
"By bridging the gap between traditional banking and mobile solutions, we aim to foster a financial ecosystem that serves all segments of society," said Investec Bank Limited CEO Cumesh Moodliar.
Electrum, as the technical partner, brings expertise to ensure the seamless implementation of PayShap.
' READ: Mastercard deal brings card payments to MTN MoMoWe're excited about the future of the PayShap solution in South Africa. Not only does it represent a significant milestone in the evolution of digital finance in South Africa, but it will also increase financial inclusivity, connecting more people to the safer and more efficient world of mobile payments, Roper said.
' READ: MTN MoMo expands its Africa remittance networkMTN said the availability of the PayShap solution on the MoMo platform is subject to all necessary approvals. African Bank remains the sponsor bank for the MoMo wallet.
The company has not disclosed what fees will apply to PayShap payments done via MoMo. Most (but not all) South African banks levy some transaction fees on PayShap transactions. - © 2024 NewsCentral Media
