PayShap, introduced in 2023 to facilitate rapid, low-cost payments in South Africa, lags behind similar initiatives in other emerging markets, including UPI in India and Pix in Brazil.
Anton van der Merwe, head of PayShap at BankservAfrica , which developed the platform, said that although market differences between the countries - South Africa, Brazil and India - have contributed to variations in outcomes, new features and lower costs could help drive adoption.
"The early launch of QR code-driven payments was an important catalyst in markets like Brazil in accelerating Pix's widespread adoption - allowing consumer payments within the merchant ecosystem, where cash-dominant payments are prevalent," Van der Merwe told TechCentral.
"Other contributing factors include low- or no-cost transactions within the ecosystem, and broad government-backed digital education campaigns - for example, Digital India," he said.
A large number of services available through rapid payment rails increases the likelihood of adoption. QR code payments - available in both Pix and UPI - are yet to be offered in South Africa through PayShap. BankservAfrica announced in March that it was working to add the feature, and Van der Merwe said it will now be launched in "early 2026".