PayShap has processed R100 billion across 136 million transactions since its launch on 13 March 2023, according to data cited by operator PayInc at the system's third anniversary. The South African Reserve Bank acquired a 50 percent equity stake in PayInc in October 2025, making the central bank co-owner of the instant payment infrastructure. Over 4.9 million proxy identifiers have been registered on the network.
Finance Minister Enoch Godongwana confirmed in the February 2026 Budget Speech that PayInc, formerly BankservAfrica, would provide open, shared digital payments infrastructure to support interoperability across payment providers. The SARB intends PayInc to function as a centralized national payment utility for both high-value and retail transactions. This structure enables non-bank financial service providers to access instant payment rails directly.
Transaction volumes remain modest relative to South Africa's established card and EFT rails. Per-transaction fees have drawn industry criticism as a barrier to mass adoption. PayShap Request, the request-to-pay feature launched in December 2024, has attracted merchant integrations through providers including Ozow. The Payments Ecosystem Modernisation programme advancing through 2026 will determine whether centralized utility governance can accelerate adoption beyond current levels.