PayShap, a new interbank digital payments service in South Africa, will launch on March 13. Built by Bankserv, a clearing house owned by commercial banks in South Africa, and the South African Reserve Bank, PayShap aims to offer a secure way for banked and underbanked consumers to make low-value, real-time payments to each other regardless of their bank. Initially allowing payments of up to R3,000 ($197), PayShap will roll out in two stages, with the first offering a PayShap instant clearing feature, and the second adding a request-to-pay function. The service will be available to everyone whose bank offers PayShap.

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