PayShap

Terms and conditions

1. Introduction

1.1 The terms and conditions of all Nedbank Private Wealth digital channels, as well as the terms and conditions of your Nedbank Private Wealth account (current or credit card account) apply to PayShap. Therefore, you must read all these terms and conditions together.

1.2 With the PayShap service you can make payments to beneficiaries and receive payments from people who bank with other banks that subscribe to the service (participating banks) in near real-time.

1.3 PayShap is available via Online Banking, the Nedbank Private Wealth app and Cellphone Banking.

1.4 Nedbank Private Wealth (we, us, our) may charge a fee for the PayShap service. Please click here for our latest fees.

2. Using PayShap

2.1 Before you can make and receive PayShap payments, you must register for the service with a unique identifier (ShapID) via Online Banking, the Nedbank Private Wealth app or Cellphone Banking.

2.2 Your ShapID must be linked to your Nedbank Private Wealth account (current or credit card account).

3. Your ShapID

3.1 Your cellphone number will be your default ShapID.

3.2 You can remove your registered ShapID at any time.

3.3 If you remove your ShapID, you will not be able to receive payments to your ShapID and we will:

3.3.1 unlink your Nedbank Private Wealth account from your ShapID; and

3.3.2 remove the display name (the first letter of your first name and surname) linked to your ShapID.

3.4 If your cellphone number changes, we will delist your existing ShapID and you will have to register a new ShapID.

3.5 If it is deemed that your ShapID has been involved with suspicious behaviour or transactions, we reserve the right to restrict the use of your ShapID and the service, and share the information with the PayShap service operator as well as participating banks.

3.6 By accepting these terms and conditions you agree and consent to our collecting and processing your personal information, specifically relating to the use of:

3.6.1 the first letter of your first name and surname;

3.6.2 your cellphone number; and

3.6.3 your company or ‘trading as’ name as a ShapID. 

4. PayShap features

4.1 Making payments

4.1.1  You can make electronic payments into a beneficiary’s account or to their ShapID.

4.2 Receiving payments

4.2.1 Someone can make electronic payments into your account or to your ShapID.

4.3 Accessing money

4.3.1 A payee will have access to the money once we have confirmed the completion of the transaction, subject to the following:

4.3.1.1 Our processing times.

4.3.1.2 The processing time of the participating bank.

4.3.1.3 The availability of the service and the participating bank.

4.4 Cancelling and reversing payments

4.4.1 Because PayShap payments happens in near real-time, it is irrevocable and cannot be cancelled or reversed.

4.4.2 Therefore, you must ensure that the beneficiary account number or ShapID and display name is correct before you make a payment.

5. Processing times

5.1 You can make payments on any day and at any time, including weekends and public holidays.

5.2 However, payments on weekends and public holidays will depend on certain cut-off times. Please refer to our website at nedbank.co.za for these times.

6. Transaction limit

6.1 Transaction limit: R3,000

6.2 Daily limit: R5,000

7. Indemnity

7.1 By using the PayShap service, you acknowledge that you have read and understand the terms and conditions of the service, including any associated terms and conditions.

7.2 You understand and agree that you use the service at your own risk.

7.3 You indemnify us against and hold us harmless from all demands, claims, actions, losses and damages that may be made, instituted or brought against us or that we or you may incur, sustain or suffer because:

7.3.1 you used the PayShap service;

7.3.2 you, or any other person acting on your behalf, gave us a PayShap instruction;

7.3.3 beneficiaries did not receive their money within the stipulated clearing times; or

7.3.4 there was an error (eg an incorrect account number, ShapID or amount) in the PayShap instruction.