PayShap is coming to retail. To get ahead of the demand, retailers can implement POS solutions such as QR code-initiated payments or PayShap Request to accept instant payments. Getting to market ahead of your competitors can be achieved by choosing the method that best fits with your existing infrastructure and strategy.
Processing up to 30 million transactions a month, PayShap continues to show positive signs of growth. As South Africans become more familiar with the product, the expectation to be able to ‘PayShap’ at the point-of-sale (POS) will soon follow.
Knowing where to start can help retailers build a sustainable and future-proof solution that's best suited for their business. When getting to market quickly is a priority, speed can be achieved by implementing a solution that best integrates with the existing systems and technology.
To get started, retailers with a flexible POS solution or structured loyalty programme can choose to implement QR code-initiated PayShap payments or PayShap Request to deliver greater value to customers.
Best suited for retailers that already support POS-presented QR payment methods.
Retailers with existing QR code infrastructure can rapidly go live with PayShap by adding it as an additional payment method. This ensures minimal POS development and enhances the customer experience with more flexible ways to pay.
While change is on the horizon for QR code standards in South Africa, it should not limit how retailers compete with PayShap. Being the first to market provides an undeniable opportunity to become a market leader, putting a stake in the ground that sets the standard of the customer experience.
Best suited for retailers with profile-linked loyalty programmes.
Retailers that have invested in a robust loyalty programme can use PayShap Request to strengthen their programme’s value proposition.
Speed to market can be accelerated by linking existing customer profiles to their ShapID or account ID. While getting customers to link their loyalty cards or in-app profiles to their ShapIDs takes effort, there are no further changes or disruptions to the customer’s journey once it's completed. When customers check in at POS and choose to pay with PayShap, all they need to do is accept the PayShap Request on their banking app.
Adding a new payment method to a portfolio gives customers more control over how they pay you. However, mistakes can happen and customers may change their minds. Therefore, the full payment lifecycle, including the dispute and reversal process, needs to be considered to identify any potential operational issues.
PayShap payments run on the Rapid Payments Programme (RPP) scheme. This means that, unlike card and EFT payments, PayShap payments are instant, final, and irrevocable.
This can present challenges for retail payments, where reversals and refunds are common. Without the right solution, there is no mechanism to reverse or undo a payment, which can lead to customer dissatisfaction. Your payments partner must understand how this affects your business models and payment flows.
South Africa’s payments landscape is evolving at a rapid rate and retailers need a local payments partner that understands the market and how to navigate it to be competitive. At Electrum, our local expertise and retail-first solutions enable you to implement payment options that strengthen your value proposition faster than your competitors.
Contact us to learn more about your PayShap implementation options.