Terms and conditions for Immediate payment service

1. Introducing the terms

1.1 These terms and conditions for immediate payment service form a legally binding agreement between you, the person using the service and us, The Standard Bank of South Africa Limited (registration number 1962/000738/06).
1.2 The terms become effective when you use the service. This means that you agree to the terms and warrant (promise) you can enter into a legally binding agreement.
1.3 You must know, understand and comply with the terms. The terms apply together with:
1.4 If there is any conflict between the terms and any other terms mentioned above, the terms will apply to the service.
1.5 Pay special attention to the clauses in bold, as they may exclude or limit our liability (responsibility) to you or involve some risk for you.
1.6 You must make sure that the service is suitable for your needs.

 

2. Definitions

The following words and expressions below have the meanings set out next to them unless the context clearly indicates a different meaning.

digital banking Managing of your account, transacting and all associated services through a mobile digital device.
EAP limit An electronic account payment limit, which can be set on your online banking or the banking app.
OTP One-time personal identification number.
service The service which allows you to make an immediate payment using Digital Banking.

 

3. Using the service

3.1 You can use the service to pay beneficiaries by choosing the immediate payment tab in our banking app or online banking or by scanning a quick response QR code.
3.2 You cannot use the service to make a payment from a credit card, investment or loan account.
3.3 Your beneficiary’s bank must support immediate payments.
3.4 You must give us all the information we ask you for.
3.5 You may be prompted to enter an OTP to complete each immediate payment.
3.6 Once you make a payment using the service, you cannot stop or take back the payment.
3.7 We process payments made between 06:00 and 22:00 on any day. If you use the service after 22:00, we may only process your payment the following day.
3.8 To pay an existing beneficiary whose details have not changed: if your payment is successful, your beneficiary will receive the money in their account within 60 seconds.
3.9 If your payment is successful, your beneficiary will receive the money in their account within two hours. This applies to whether you’re making a once-off payment, paying a new beneficiary or an existing beneficiary whose details have changed.

 

4. Limits that apply

There are limits to how much you can pay using the service, including your EAP limit. We will let you know the limits on your profile.

 

5. Fees and interest

5.1 We will charge you a non-refundable fee each time you use the service. If you do not have enough money in your account to make the payment and pay the fee, we may not process the payment.
5.2 Use our pricing guide to see how much it will cost you to use the service.
5.3 For payments of R 3 000 and below, your bank statement may show the words “PayShap payment to …”. This is to accommodate our systems and does not affect your payment transaction or the fee you have to pay us.

 

6. Limitation of our responsibility to you

6.1 This clause applies in addition to what is set out in Standard Bank’s general terms and conditions and Standard Bank’s digital banking terms and conditions.
6.2 To the extent permitted by applicable laws, we are not responsible for any direct, indirect or consequential losses or claims arising from any technical or other problems (interruption, malfunction, downtime or other failures) which affect the service.

 

7. Changes to the terms

7.1 We may change the terms and introduce new terms and conditions and changes in the fees at any time. We will let you know about any changes by communicating them to you before you use the service.
7.2 The latest version of the terms applies to you every time you use the service. By using the service, you agree to the updated terms.
7.3 If we make changes to the terms, it does not mean that the terms are cancelled. You cannot change any of the terms.

 

8. Cancelling your use of the service

8.1 You may stop using the service at any time.
8.2 We may end our relationship with you and stop you from using the service, for example if:
  • a) we believe or suspect you are using the service wrongly or unlawfully (illegally) or for any prohibited activity;
  • b) we stop providing the service;
  • c) we have asked you to correct your breach of the terms (if this is possible) and you have not done so at all or have not done so in time;
  • d) you have breached Standard Bank’s general terms and conditions, or we have ended our relationship with you under Standard Bank’s general terms and conditions;
  • e) you have breached Standard Bank’s digital banking terms and conditions, or we have ended our relationship with you under Standard Bank’s digital banking terms and conditions;
  • f) it is necessary to protect Standard Bank, our clients or service providers, our systems;
  • g) we must do so for legal reasons
8.3 Depending on the reason for ending our relationship, we will do our best to provide you with notice of our intention to end it.
8.4 All the other terms for ending our relationship, which are set out in Standard Bank’s general terms and conditions and Standard Bank’s digital banking terms and conditions, will apply.

 

9. Personal information and privacy

9.1 We understand that your personal information is important to you. By using PayShap, you acknowledge that your personal information will be processed by us and (if necessary) by third parties according to the Standard Bank privacy statement, which is in line with the relevant applicable laws.
9.2 It is your responsibility to read and understand the contents of Standard Bank’s privacy statement.
9.3 We will maintain the confidentiality of your personal information and we will implement safeguards to secure your personal information as set out in Standard Bank’s privacy statement.
9.4 Standard Bank’s privacy statement includes a description of what personal information is, what information we process, how we process your information, where we collect your information, whom we share your information with and your rights as a data subject. It also includes the complaints contact details of both Standard Bank and the South African Information Regulator, which is, among other things, empowered to monitor and enforce compliance with applicable laws relating to personal information.

 

10. Legal protections we have to tell you about

10.1 The Financial Advisory and Intermediary Services (FAIS) Act and the consumer protections it provides do not apply to the terms.
10.2 PayShap payments are not protected by the Corporation for Deposit Insurance. You can find out more about this on the CODI website.

 

11. Questions and complaints

If you have a question or complaint about the terms or the service, you may contact us at:

  phone our call centre at 0860 466 639 (normal charges apply);
  send us an email at [email protected]; or
  follow our complaints process, which you can find on our website at www.standardbank.co.za, by clicking on the “Contact Us” tab.