SA Migration International

News Articles

Good news for wine as foreign investors pile into SA

Source: News24, 13/03/2023

On Monday, a new payment system will be launched which could finally help wean South Africans off cash.
Payshap which is backed by the SA Reserve Bank and local banks - will allow South Africans to transfer money instantly between their phones, without a bank account.
You will be able to send money using vouchers and PIN codes, and recipients won`t have to cash out that money first to perform another transaction. Payshap will allow them to make payments from their new balance to other people, and soon also via apps like WhatsApp.
The payments will focus on smaller transactions, and will be cheaper than current instant money transfers between banks. The Reserve Bank hopes it will eventually replace cash.
A similar payment system, also backed by a central bank, exploded in Brazil after its launch in 2020, with more than two-thirds of adults now using it.
Payshap was designed by BankservAfrica, an automated clearing house which is owned by the banks. For now, only the `big four` banks will offer Payshap wallets. Others will plug into the system later.
The service will be rolled out in two stages. The first stage will see the launch of the instant interbank clearing feature, allowing people to make payments to bank accounts or cellphone numbers.
The second stage will introduce a request-to-pay function which makes it possible for a person to request payment and receive it immediately in their bank account.
How much will it cost?
Banks will announce their pricing structure for Payshap after the launch, but it is expected to be much cheaper than immediate interbank payments. Absa used to charge R60 for immediate interbank transfers before reducing it to R10 in 2021. But it still charges R49 for immediate transfers above R1 000. Standard Bank and Nedbank charge R50 and R49, respectively, for immediate transfers above R2 000, and FNB has a flat rate of R45 on many of its accounts.
www.samigration.com

Search

Latest News

... Read more...
... Read more...
... Read more...
... Read more...

If you are visiting SA or already here on a visa, take this as a public-interest warning. In 2025, a quiet, but sharp, shift has taken hold inside parts of home affairs adjudication ranks: applications are being refused almost mechanically if they were not submitted at least 60 days before visa expiry.A wave of refusals repeating near-identical wording:The applicant did not submit his/her application no less than 60 days prior to the expiry date of his/her.

The rigid application of this rule, devoid of consideration for mitigating circumstances, raises serious concerns about the fairness and legality of such administrative decisions.

... Read more...

... Read more...
... Read more...
... Read more...
... Read more...
... Read more...