Ozow’s PayShap Request gains traction, driving rapid growth in instant payments
Since its introduction in December 2024, PayShap has already processed over R100bn across 136 million transactions, with more than 4.5 million ShapIDs registered.
Source: Pexels
As demand for instant, secure digital payments grows, the PayShap ecosystem ensures that merchants can immediately tap into this fast-expanding network.
"We are incredibly proud to be at the forefront of enabling PayShap Request for South African merchants," said Rachel Cowan, interim chief executive officer of Ozow.
PayShap Request drives digital adoption and positions the fintech in line with the South African Reserve Bank's (Sarb) vision for payment modernisation and financial inclusion.
Offering a fast, secure, and user-centric solution that supports the goals of Payments Ecosystem Modernisation (PEM), the Ozow experience caters for those who have a ShapID registered at their bank — while those who don’t can use their account number to complete the payment.
No app, card, or login required.
"This launch truly demonstrates our commitment to innovation and our dedication to providing businesses with the most efficient and user-friendly payment solutions.
"By being among the first to bring PayShap Request to a live environment, we are not only offering a significant competitive edge to our merchants but also helping deliver on the Sarb’s mandate for a modern, inclusive payments future,” said Cowan.
Alignment with Sarb’s vision
Ozow's decisive step in enabling PayShap Request in a live environment, directly supports the Sarb's broader mandate to modernise South Africa's payments ecosystem and drive digital adoption, with PayShap being a central enabler of accessibility and inclusion.
Ozow's commitment to these values is embedded in its strategic approach, reflecting the collaborative efforts required by various parties within this space. Through these efforts, Ozow has launched a digital payment product that leverages the PayShap rails and Ozow’s technology and user experience to deliver an intuitive, user-friendly payment experience.
Source: Supplied.
Enhanced customer accessibility
A key differentiator of Ozow’s PayShap Request offering is its unparalleled customer convenience.
Customers are not required to have a pre-registered ShapID to complete a payment.
If a customer has not registered a ShapID (a registered phone number linked to their bank account), they can simply use their bank account number to transact, significantly reducing friction and improving accessibility for a wider range of consumers.
At checkout, customers simply:
1. Select PayShap
2. Choose their bank
3. Enter their phone number or account number
4. Follow prompts to authenticate in their banking app
This feature is particularly crucial in a market focused on bringing more individuals into the digital economy and aligns with the Sarb's drive for greater financial inclusion.
Ecosystem collaboration
PayShap is powered by BankservAfrica and supported by South Africa's banks under the Rapid Payments Programme, ensuring continued scale, enhanced security, and stability.
Ozow’s history of successful collaborations — including its work with Absa Pay to co-develop a seamless bank API — highlights the company’s ability to deliver best-in-class digital experiences. That partnership has since become a blueprint now accessible to all Payment Service Providers (PSPs).
Key benefits for merchants and consumers:
Instant payments: Merchants can get paid in real-time, improving cash flow and speeding up service delivery.
Customer convenience: Customers can pay instantly using just their mobile or bank account number.
Access to new customers: With over 4.5 million ShapIDs registered, PayShap opens access to digitally hesitant and risk-averse consumers.
Secure and irrevocable: Payments are authenticated in the customer’s banking app with built-in fraud-prevention mechanisms.
Direct refunds: Merchants can process refunds directly to the customer’s bank account.
No extra setup required: Merchants already integrated with Ozow can activate PayShap Request instantly, with no additional development.
“Account-to-account payments have been central to Ozow’s model from the start, and with PayShap enabling deeper integration between banks and fintechs, we’re one step closer to a more interoperable payment ecosystem,” said Cowan.