Local fintech start-up Airbuy has rolled out its alternative payment gateway that allows e-commerce sites to accept payments without their customers exposing their banking details.
Airbuy is an online payment platform that allows African consumers to make payments online without the use of a credit or debit card, avoiding the risk of exposing their personal bank details.
The platform allows payments via Airbucks - digital tokens that enable users to make payments on participating e-commerce site. The tokens can either be earned or topped up by direct EFT, and in the near future these will be transferred via mobile banking, airtime conversion, and Bitcoin. Users can also earn Airbucks through promotions and marketing campaigns.
Airbuy users can also share Airbucks with other users by transferring them digitally.
The Tshimologong based start-up is the brainchild of three tech entrepreneurs: Tshepang Kubo - CEO; Kabelo Twala - CTO and Njabulo Makhathini - head of business development. The co-founders are looking to partner with banks and mobile networks to offer more financial products and services to the African continent.
Makhathini explains: "Our advantage is circumventing the inputting of financial information where many potential purchases drop off. Users cannot withdraw the money they've put in, they can only spend it online.
"All current payment options available in the market require the consumers to have a credit card or a debit card at least, which has proven to be very risky with the growth of CNP (card not present) related crimes."
The start-up, which aims to give Africans the freedom to trade online without being at risk of cyber crime, was developed at the MIT Global Start-up Labs - a programme aimed at fostering technology entrepreneurship through start-up incubators in emerging markets around the world. The solution was officially launched at last year's DEMO Africa event in Johannesburg.
Launching at DEMO Africa was a strategic move, since one of Airbuy's objectives at the conference was to create connections and networks across Africa, it adds.
"Our top priority right now at Airbuy is coverage, ensuring that our payment button is in as many checkout carts as possible to make it easier for users when they want to use our option," notes Makhathini.
"We currently have a footprint in SA with 56 e-commerce sites that we are busy integrating with our button. We are targeting to increase this number in the next six months, signing up more e-commerce platforms and in-app purchase for gaming apps in South Africa and other African countries by plugging into start-up networks and tech hubs across Africa."
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