Peanut Is Coming to South Africa
Send money instantly via PayShap — South Africa's real-time payment system. No SA ID needed on sender side. Get notified.
South Africa has a sophisticated banking system and a growing digital payment landscape. PayShap — the country's newest real-time payment system, launched in 2023 — enables low-cost instant transfers between participating banks using a ShapID (phone number, email, or South African ID number). Absa, FNB, Nedbank, Standard Bank, and Capitec are already on board, with more institutions joining. The UK-South Africa corridor is one of Africa's most active for person-to-person transfers, and South Africa has a significant diaspora of roughly 500,000 in the UK alone. But sending money to South Africa through traditional channels means fees, markups, and delays.
Peanut will simplify this. When we launch in South Africa, you will be able to send money via PayShap to any participating bank account — instantly, at the market rate. No South African ID needed on the sender's side. For the diaspora in the UK, US, and Australia, Peanut will offer a faster, cheaper path to get money to family and friends.
How It Will Work
- 1
Deposit from anywhere
Send digital dollars from any exchange or wallet via Solana, Arbitrum, Base, Tron, or Ethereum. Gas fees covered. Or deposit from your bank via SEPA (Europe), ACH (US), or wire transfer. All deposits are free.
- 2
Your balance stays in dollars
Your balance will be held in digital dollars. Convert to rand only when you are ready to send.
- 3
Send via PayShap
Transfer to any PayShap-connected bank account using a ShapID (phone number, email, or SA ID number). Your dollars will convert to ZAR at the market rate. No fees from Peanut.
- 4
Instant arrival
The recipient will receive rand in their bank account within seconds. PayShap settles in real time, 24/7.
What Payment Methods Are Coming
PayShap
PayShap is South Africa's real-time low-cost payment system, launched in 2023 as an initiative of the South African Reserve Bank (SARB), operated through BankservAfrica's Rapid Payments Programme (RPP). The name comes from "shap-shap" — South African slang for "quickly."
PayShap uses ShapID as a proxy identifier — pay using a phone number, email, or South African ID number instead of full bank details. It is designed for low-value, high-volume payments to promote financial inclusion. Transaction fees are capped at a few rand, making it accessible to everyone.
PayShap is available at major South African banks: Absa, FNB, Nedbank, Standard Bank, and Capitec, with smaller banks and fintechs joining. It is currently focused on person-to-person and small business payments — merchant QR and POS integration is not yet part of PayShap.
How it will work with Peanut: Open the Peanut app, enter the recipient's ShapID (phone number, email, or ID number). Review the amount in ZAR and the exchange rate. Confirm — funds arrive in seconds.
No SA ID needed (sender side). Peanut will accept passport verification from any country. You do not need a South African ID or a local bank account to send money to South Africa via Peanut.
Full guide: Pay with PayShap in South Africa
Exchange Rate: What to Expect
The South African rand is a freely floating currency with moderate volatility, sensitive to commodity prices (gold, platinum), global risk appetite, and domestic political developments. Exchange rate markups for ZAR pairs are wider than major currencies, which means traditional services have more room to add hidden markups. The UK-South Africa corridor typically costs 2-5% through traditional services.
Peanut will convert digital dollars to rand at the market rate — a transparent, direct conversion without layered markups.
Rate lock: The rate will lock at the moment of transfer. No slippage.
No fees. Peanut will charge nothing on deposits, PayShap transfers, or withdrawals. Gas fees are covered.
Compare rates:
Who Will Use Peanut in South Africa
Remittances (UK)
The UK-South Africa corridor is one of Africa's most active for person-to-person transfers, driven by the roughly 500,000 South Africans in the UK. Sending money home through banks and traditional services costs 2-5% in combined fees. For families receiving regular support — school fees, medical expenses, housing — every percentage point matters.
Peanut will let you send from the UK directly to a PayShap-connected bank account in South Africa. The recipient gets rand in seconds, at the market rate. No waiting 1-3 business days. No 3% disappearing into fees.
Guide: Send Money to South Africa
Remittances (US)
The US-South Africa corridor is growing, with business ties, family connections, and tourism driving regular money flows. Peanut will let you deposit via ACH or supported networks and send to South Africa via PayShap — instantly, with no fees.
Non-Residents and Visitors
South Africa is one of the more accessible markets for foreigners — non-residents can open bank accounts with a passport and proof of address. But the process still takes time, and visitors on shorter trips may not bother. Peanut will give you the ability to send money to anyone in South Africa immediately — useful for paying guesthouse deposits, tour operators, or settling up with local contacts.
Info
Get Notified
Peanut is not yet live for spending in South Africa, but you can sign up now to be notified when PayShap integration launches. When live, you will send money to any PayShap-connected bank account — instantly, at the market rate.
Today, you can already use Peanut to deposit and withdraw digital dollars in South Africa via supported networks like Solana and Arbitrum. PayShap integration is coming next.
Verification: You will verify with a passport or national ID card from any country. No SA ID required. Under 2 minutes. Powered by Persona (SOC 2 Type 2, GDPR, ISO 27001). Peanut never sees or stores your documents.
