JOHANNESBURG - The Competition Commission has been approached by the South African Reserve Bank to investigate the fees charged by banks when customers use the payment system, PayShap.
Launched a few months ago, PayShap is South Africa's first cash payment system that customers can access using their banking apps.
There are concerns that fees charged to use the real-time payment system may be anti-competitive.
Currently, TymeBank, is the only bank that offers PayShap for free while the other banks charge fees ranging between R1and R7.50 cents.