Ozow Launches PayShap Request for Instant Mobile Payments
The launch is considered a key step in South Africa's efforts to modernize its payments infrastructure and increase financial inclusion, as it aligns with the South African Reserve Bank’s Payments Ecosystem Modernisation (PEM) vision.
Ozow has announced the official launch of PayShap Request, a new feature in its payment suite. This new service enables instant payments using only a mobile number or account number. The launch is considered a key step in South Africa’s efforts to modernize its payments infrastructure and increase financial inclusion, as it aligns with the South African Reserve Bank’s Payments Ecosystem Modernisation (PEM) vision.
The service works by allowing customers to select PayShap at checkout, choose their bank, and then enter their phone number or account number. They then authenticate the payment within their banking app.
PayShap Request offers several benefits for both merchants and customers. Merchants can receive instant payments, which improves cash flow and speeds up service delivery. For customers, the service provides a convenient way to make payments using just a mobile or account number. It also helps merchants reach a new customer base of digitally hesitant and risk-averse consumers. The payments are secure and irrevocable, as they are authenticated directly through the customer’s banking app with built-in fraud prevention. Additionally, merchants can process direct refunds to a customer’s bank account, and those already integrated with Ozow can enable the new feature without any extra setup.
Ozow states that with the launch of PayShap Request, it is continuing its mission to provide innovative, user-centric payment experiences. The company aims to give its merchants more options, better conversion rates, and access to a growing digital payments network.
