PayShap South Africa: Fees, Limits & Bank Comparison (2025)

⚙️ What Is PayShap?

PayShap is South Africa’s new real-time payment system that enables users to send and receive money instantly — 24/7, even between different banks.

It was launched through collaboration between the South African Reserve Bank, BankservAfrica, and major local banks to make digital payments faster, simpler, and more affordable.

Instead of typing in long bank account numbers, you can send money using a ShapID — which is usually your cellphone number or a registered nickname.

People that use Capitec bank would be very much familiar with this process, because Capitec was the first bank to introduce the payment system where people can send each other money without the bank account number.

🔑 Key PayShap Features

• ⚡ Instant transfers — funds reflect in seconds

• 🕒 24/7 availability — including weekends and public holidays

• ☎️ Easy to use — send money using just a cellphone number

• 💰 Affordable — lower fees than Immediate Payments

• 🛡️ Secure & verified — supported by South Africa’s major banks

• 💸 Limit - Previously could only pay up to R3,000 per transaction, if you need to pay more than R3,000, and you want the funds to reflect immediately, you would have to do an immediate payment. This limit has been moved to R50,000, but the banks have generally left the limits to where they were before, ie R3,000, you can manually update your Payshap limit, just like you would with other payment options.

💰 PayShap Fees and Charges Between Banks

PayShap was designed to be low-cost, particularly for smaller, everyday payments. However, banks are free to set their own pricing — so fees vary slightly.

Below is an overview of what South Africa’s leading banks charge for PayShap transactions:

Bank: ABSA

Payshap Fee: R7.50

Notes: Payshap payments under R100 are free.

Bank: Standard Bank

Payshap Fee: R7

Notes: Payshap payments under R100 cost R1; and payments above R2000 are R50 per transaction.

Bank: Nedbank

Payshap Fee: R1

Notes: Payshap payments under R100 are free.

Bank: FNB

Payshap Fee: R6.50

Notes: The cost is generally R0.65 per R100 payment, with recommendation that once you get to R3,000, rather use immediate payment option, as it would start to be more expensive.

Bank: Capitec

Payshap Fee: R3

Notes: Payment for up to R100, it's free. Payment between R100 to R1,000, it costs R1. Payments for between R1,000 to R3,000, it costs R3.

Bank: Investec

Payshap Fee: R6

Notes: Free for payment up to R500.

Bank: Tymebank

Payshap Fee: Free

Notes: Tymebank is the only bank that offers free Payshap payments, regardless of the bank you are paying to, or amount you are paying.

Bank: Discovery bank

Payshap Fee: R5

Notes: Payshap payments under R100 cost R1; and payments between R100 and R1000 cost R5; between R1000 and R3000 cost, the lesser of .05% of the payment amount, or R35.

Bank: African bank

Payshap Fee: R3

Notes: Payshap payments under R100 are free.

Bank: Sasfin

Payshap Fee: R7.50

Notes: Payshap payments limited to R3,000.

💡 Tip: Many banks offer free PayShap transfers for small amounts (typically under R100) to drive user adoption. Always check your bank’s latest pricing guide for updates.

🔄 PayShap vs Immediate Payment: What’s the Difference?

Many South Africans confuse PayShap with Immediate Payment (or Instant EFT). While both move money instantly, they work on different systems — and their fees, limits, and availability differ significantly.

Here are comparisons between the two options in terms of these features:

Feature: Payment rail

PayShap Immediate Payment

New national Traditional EFT “fast track” option

real-time

payments system

Feature: Identifier used

PayShap Immediate Payment

ShapID or cell Full bank account

phone number details

Feature: Transaction limit

PayShap Immediate Payment

Up to R50,000 Up to R250,000+, depending on a bank

Feature: Fees

PayShap Immediate Payment

R0 – R7.50, R10 – R50+, dependi

Often free ng on amount

Feature: Speed

PayShap Immediate Payment

A few seconds A few minutes (sometimes delayed)

Feature: Best for payments

PayShap Immediate Payment

Everyday low- Larger, once-off transfer

value payments s

✅ In summary:
PayShap is cheaper and simpler for small transfers, while Immediate Payment remains suitable for higher-value transactions.

🏦 Why PayShap Matters for South Africans

PayShap isn’t just another feature — it’s a modern payment revolution that benefits both personal and business users.

🌍 Benefits for Everyday Users

• Pay friends and family instantly with just their phone number

• No waiting times or clearance delays

• Affordable or free transfers for small amounts

• Safer alternative to cash

💼 Benefits for Small Businesses

• Instant settlements improve cash flow

• Lower fees than card machines or EFTs

• Less cash handling means better security

• Builds trust with instant proof of payment

💡 Tips for Using PayShap Wisely

✔️ Register your cellphone number as your ShapID — it makes receiving money easier.
✔️ Double-check recipient details before sending (transfers are final).
✔️ Use PayShap for everyday amounts like paying vendors, side hustles, or splitting bills.
✔️ Stay updated — fee structures and limits may evolve as more banks join.

🔮 The Future of Instant Payments in South Africa

With PayShap growing in adoption, South Africans can expect:

• Broader rollout across all major banks

• Reduced reliance on cash and EFT delays

• Lower transaction fees as competition increases

• Seamless integration into e-commerce and fintech platforms

As the system evolves, PayShap is positioned to become South Africa’s standard for everyday digital payments — fast, safe, and cost-effective.

In Summary

PayShap is transforming the way South Africans move money.
It offers instant, 24/7 transfers at a fraction of the cost of Immediate Payments — making it perfect for both individuals and small businesses.

If your bank supports PayShap, register your ShapID today and experience the convenience of instant, low-cost payments.

You can learn more about the different bank accounts these banks offer here.