PayShap, South Africa's low-cost instant payment system, is three years old but has yet to reach critical mass. The core problem is structural: big retail banks face a conflict of interest in promoting a rail that cannibalises their non-interest revenue. Drawing on lessons from Brazil and India, the author argues that central banks — not private institutions — must drive adoption. The South African Reserve Bank's recent investment in PayShap (via the rebranded PayInc) and the finance minister's 2026 budget commitment to open shared payments infrastructure are seen as positive course corrections. Full adoption could unlock working capital for SMEs, reduce unemployment, and broaden financial inclusion, but robust governance and fraud mitigation are still needed.
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