Ozow’s PayShap Request Powers Expansion Of Instant Payments Delivering Seamless Merchant Experience

As demand for instant, secure digital payments grows, the PayShap ecosystem ensures that merchants can immediately tap into this fast-expanding network, without requiring customers to pre-register a ShapID.

"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.

Ozow's PayShap Request drives digital adoption and positions the fintech in line with the South African Reserve Bank's vision of payment modernisation and financial inclusion in the country.

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.

"Ozow 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 are 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.

Customers simply select PayShap at checkout, choose their bank, enter their phone number or account number, and follow the prompts to authenticate the payment 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. This 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, significantly improving cash flow and speeding up service delivery.Customer convenience: Customers can make instant payments using just their mobile number 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, expanding the potential customer base for merchants.Secure and irrevocable: Every PayShap payment is authenticated directly via the customer’s banking app, with built-in fraud-prevention mechanisms, ensuring secure and irrevocable transactions.Direct refunds: Merchants can easily process refunds directly into a customer’s bank account.No extra set-up required: Merchants already integrated with Ozow can enable PayShap Request with no additional development needed, ensuring a seamless transition and immediate benefits.

“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.