GoTyme Bank Customers Lead PayShap Instant Payments
South African customers save R150-million annually through fee-free instant payments routed via cellphone numbers.
Updated on Oct. 29, 2026 in Couponing
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GoTyme Bank customers now originate approximately 26% of all PayShap cellphone payments across South Africa. The bank reports that nearly 70% of its customer transactions are processed instantly at no cost, leading to annual savings exceeding R150-million.
Why it matters
The bank is challenging the local financial industry to adopt free, instant payments as the standard for all consumers. By prioritising accessibility, the institution has seen its user base for the service grow by more than 250% year-on-year.
GoTyme Bank reports 13 million total customers and R9.69-billion in deposits, a 27% increase. Their total income rose 25% to R2.72-billion, while PayShap continues to process over 60 million transactions per month.
The players
GoTyme Bank
This major financial institution provides banking services to over 13 million customers in South Africa.
PayShap
This is a digital payment platform designed to facilitate instant fund transfers between bank accounts.
The details
The GoTyme bank app automatically routes transfers to a recipient cellphone number registered as a ShapID rather than requiring a traditional account number. This integration is designed to ensure the transaction is completed as the cheapest available option for the user.
Timeline
March 2023: PayShap launched in South Africa.
June 2026: PayInc confirmed that PayShap surpassed one billion cumulative transactions.
29 October 2026: GoTyme Bank released performance figures at a media briefing in Johannesburg.
Q1 2027: GoTyme Bank expects to rank as the third-largest bank by active users.
Culture Shift
The adoption of instant, fee-free payments mirrors the global shift away from traditional interbank fees toward real-time digital infrastructure. This movement capitalises on the growing consumer demand for seamless mobile-first financial services in an increasingly digitised society.
Customers can save on their daily transaction costs by using the bank app to send money directly to cellphone numbers. This approach eliminates traditional bank fees and streamlines the process of transferring funds for everyday purchases.
The takeaway
Free instant payments are becoming a critical differentiator for customers seeking to reduce their monthly banking expenses. By leveraging existing digital payment infrastructure, users can manage their finances more efficiently without incurring standard service charges.
What happens next
GoTyme Bank plans to launch a credit card and a new rewards programme in 2027.
Further reading
For more information on digital payment incentives, visit the Couponing section.
Source note: This article includes information reported by TechCentral.
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