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.avif)
Bank Transfer (SA)
South Africa's bank transfer system is anchored by RTC (Real-Time Clearing) for instant payments and EFT (Electronic Funds Transfer) for scheduled transfers, regulated by the SARB for security and efficiency. Innovations like PayShap enable low-cost, real-time payments, promoting inclusion.
Method
Bank Transfer (SA)
LPM Market Share
n/a
Payments
No
Refunds
No - refunds not supported
Type
Bank Transfer
Local Card Scheme
Users
25M
Disbursements
Yes
Yes
Chargebacks
No
Authorization currency
ZAR
Authorization
speed
speed
Instant
Recurring
No
No
Reasons for Popularity
A robust network of banks offers reliable and secure transfer services. Facilitates cross-border transactions, essential for trade and remittances. Government policies promote financial inclusion and digital banking adoption.
