PayShap, an instant payments platform, is teaming up with MTN’s Mobile Money (MoMo) platform with the help of Investec and Electrum. This partnership marks a significant step for MTN MoMo, making it the first non-bank to offer PayShap. The aim is to help people who don’t have bank accounts.
Investec will be the bank partner, and Electrum will handle the technical side of putting PayShap on the MoMo platform. PayShap was created to provide a fast digital payment option instead of using cash.
Investec’s CEO Cumesh Moodliar said they want to make a financial system that works for everyone. Electrum will make sure PayShap works smoothly on MoMo.
MTN said they got inspiration from successful models worldwide, like Reliance Jio and UPI AutoPay in India, where most payments happen quickly using similar systems.
Bradwin Roper, CEO of fintech services at MTN South Africa, said they’re excited about this partnership and believe it will change how people pay digitally in South Africa, making it safer and more inclusive.
However, the availability of PayShap on MoMo depends on getting all the necessary approvals. African Bank will still sponsor the MoMo wallet.
MTN hasn’t said how much it will cost to use PayShap on MoMo yet, but some South African banks charge fees for similar transactions.