.
GoTyme Bank has stepped up its challenge to South Africa’s traditional banking industry, calling for an end to fees on everyday instant payments as it positions free real-time transfers as a basic banking service rather than a premium feature.
The digital bank currently allows customers to make instant payments of up to R5,000 for free through South Africa’s PayShap payment rail. Transfers above that threshold attract a flat R7 fee.
The campaign, branded “Move Money – Instantly and Free,” is aimed at changing consumer expectations around how much customers should pay simply to move their own money immediately.
GoTyme, formerly TymeBank, says customers should not have to choose between waiting for a conventional transfer or paying an additional charge to receive faster settlement.
GoTyme Targets a Persistent Banking Fee
The bank’s intervention comes as South Africa’s instant-payment ecosystem continues to develop, but pricing remains a point of contention.
PayShap, launched in March 2023 through the country’s Rapid Payments Programme, enables customers to transfer money between participating banks using identifiers such as mobile numbers, with transactions designed to settle almost immediately.
Despite the speed offered by the system, several banks continue to charge customers for PayShap transfers, creating a gap between the technology’s instant nature and the cost attached to using it.
GoTyme has taken a different position, making free instant transfers part of its proposition since introducing PayShap for its customers in 2023.
Its latest campaign seeks to turn that pricing model into a wider industry conversation.
R5,000 Transfers Come at No Cost
Under GoTyme’s current pricing structure, customers can send up to R5,000 per instant transaction without paying a transfer fee.
For transactions exceeding R5,000, the bank charges a flat R7 rather than applying a percentage-based charge.
The approach is particularly targeted at everyday transactions, where customers may need to send relatively small amounts quickly for household expenses, purchases or other routine payments.
GoTyme’s argument is that speed should not automatically translate into a higher price when the underlying payment infrastructure is already designed to move funds in real time.
The bank’s Head of Brand, Lucia Malapane, said customers should not have to choose between waiting for their money and paying extra to make it move faster.
‘Instant’ Should Become the Standard
GoTyme’s campaign reflects a broader shift in consumer expectations around digital banking.
As mobile banking and real-time payment systems become more widespread, customers increasingly expect payments to be immediate, available around the clock and simple to initiate.
The bank is therefore positioning instant transfers as an everyday utility rather than a premium service.
Its argument is straightforward: if customers are already moving their own funds electronically, the ability to do so immediately should not necessarily require an additional charge.
This puts pressure on larger banks whose pricing models still distinguish between standard electronic transfers and faster payment options.
PayShap at the Centre of the Debate
PayShap is central to the issue because it was created specifically to accelerate digital payments in South Africa.
The system was developed by BankservAfrica and the Payments Association of South Africa in collaboration with the South African Reserve Bank as part of efforts to modernise the country’s payments infrastructure.
The service allows participating bank customers to send payments using a ShapID, generally linked to a mobile number, rather than relying solely on traditional account details.
However, adoption and pricing have remained important questions since its launch.
GoTyme’s free-transfer model gives it a way to differentiate itself in an increasingly competitive digital-banking market while simultaneously challenging the conventional pricing structure around real-time payments.
A Bigger Digital-Banking Strategy
The campaign is also part of GoTyme’s broader attempt to establish itself as a bank for everyday transactions.
The bank has recently expanded its digital proposition beyond basic account services, promoting faster payments, improved security and a simplified mobile banking experience as key components of its offering.
Its strategy is built around reducing friction for customers—from moving money to accessing banking services through its app and physical customer hubs.
That approach puts pricing alongside speed and convenience as a major competitive tool.
For consumers, the immediate benefit is straightforward: GoTyme customers can make qualifying instant payments without incurring a separate transfer charge.
For competitors, however, the development could intensify pressure to review fees on similar transactions.
What It Means for South African Consumers
The dispute over instant-payment fees goes beyond one bank’s marketing campaign.
It raises a broader question about how financial institutions should price infrastructure that is increasingly becoming part of everyday digital life.
As real-time payments become more common, banks will have to balance the cost of operating payment systems with customer expectations for low-cost or free digital transactions.
GoTyme is betting that consumers will increasingly favour banks that remove such friction.
If more institutions follow its lead, competition could push the cost of everyday instant transfers lower across the market.
For now, GoTyme is using its free R5,000 instant-payment threshold to make a wider argument: when money can move in seconds, customers should not necessarily have to pay extra simply because they want it to arrive immediately.
