Three years after the launch of PayShap, South Africa's real-time payment system, GoTyme Bank is challenging the idea that consumers should pay to move their money. The bank argues that instant digital payments should be a standard feature of modern banking rather than a paid-for service.
For decades, South Africans have grown accustomed to paying transaction fees simply to move money. Yet across much of the digital economy, instant services have become the norm. Messages are delivered in seconds. Video calls connect instantly, streaming, shopping and countless other online interactions happen in real time, often at little or no additional cost.
According to GoTyme Bank, payments should be no different.
"PayShap has fundamentally changed what is possible," said Cheslyn Jacobs, CEO at GoTyme Bank. "The technology now exists to move money instantly, safely and at any time of the day. The next step is ensuring customers don't have to think twice about using it because of transaction fees."
A fragmented pricing landscape
While PayShap has established a common payment rail across the banking industry, pricing remains far from standardised.
| Bank | Up to R100 | R100-R1,000 | R1,000-R3,000 | R3,000-R5,000 |
|---|---|---|---|---|
| GoTyme Bank | Free | Free | Free | Free |
| Absa | Free | Up to R7.50 | R7.50 | n/a |
| African Bank | Free | Up to R3.50 | R3.50 | n/a |
| Capitec | R1-R2 | R1-R2 | R1-R2 | n/a |
| Discovery Bank | R1 | R5 | 0.5% (up to R35) | 0.5% (up to R35) |
| FNB | R3-R5 | R3-R5 | R3-R5 | n/a |
| Investec | Free | Up to R6 | R6 | R6 |
| Nedbank | Free to cellphone number / R10 to account number | Free to cellphone number / R10 to account number | Free to cellphone number / R10 to account number | - |
| Standard Bank | R2 | R2 | R2 | n/a |
| Bank | Up to R100 | R100-R1,000 | R1,000-R3,000 | R3,000-R5,000 |
Pricing reflects publicly available PayShap fees as at 30 June 2026.
The comparison highlights two emerging approaches within South African banking. While some institutions continue to charge for instant payments, others increasingly view instant digital payments as essential banking infrastructure that should be available at little or no additional cost to customers.
"Competition is shifting from who offers instant payments to who delivers the simplest and most seamless banking experience," said Jacobs. "Customers don't want to make decisions about payment rails or transaction fees. They simply want to move money quickly, safely and affordably."
The hidden cost of payment fees
While a R2, R5 or R10 fee may appear small, those costs can add up quickly for consumers who regularly send money to family members, pay domestic workers, settle shared expenses or pay small businesses.
For many South Africans, transaction fees remain a barrier to adopting digital payments, even as the country works to reduce its reliance on cash and expand financial inclusion.
GoTyme Bank believes the industry should increasingly view payment infrastructure in the same way consumers view internet connectivity: as a service that simply works in the background, without customers having to think about it.
"The biggest opportunity isn't just making payments faster," said Jacobs. "It's making digital payments so accessible that they become the default way South Africans exchange value."
Paying for speed?
International markets such as Brazil, through Pix, and India, through UPI, have shown that adoption accelerates when instant payments are simple, convenient and affordable for consumers.
GoTyme Bank believes South Africa has the opportunity to follow a similar path.
"As customers become accustomed to instant payments, they'll increasingly question why moving their own money should come with an additional fee," said Jacobs. "The future of payments is one where speed, simplicity and affordability are no longer differentiators, they're simply expected.”
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