Local fintech firms Stitch and Peach Payments have joined forces, in a move to enable online merchants across SA to accept instant EFT payments.
This, as instant EFT is quickly becoming a favourite payment method in the market, as more South Africans demand “faster, convenient and secure” ways to pay.
In a statement, Stitch says the payment method is available to all Peach Payments merchants on any integration platform, as ‘Instant EFT by Peach Payments’. It can also be enabled by contacting support@peachpayments.com.
“In South Africa, Statista found that debit cards make up 33% of all online transactions and credit cards a further 17% − meaning that 50% of online shoppers need other payment methods to complete their purchases,” says Rahul Jain, CEO of Peach Payments.
“We have found that offering a wide variety of different payment methods makes a real difference to businesses’ bottom line. Instant EFT by Peach Payments gives shoppers an additional way to pay, meaning that even if their card doesn’t work, the transaction can still be completed.”
Peach Payments provides a payment gateway, allowing businesses to accept payments on websites, mobile apps, SMS and e-mail. It gives them access to payment methods, including credit/debit cards, bank transfers, mobile wallets, electronic wallets and mobile operator billing.
Launched in February 2021, Stitch is a South Africa-based application programming interface (API) fintech start-up, with its payments and financial data API live locally and in Nigeria.
Over the course of the last few months, it sealed partnerships with Pay@ and Zapper, and raised $21 million (R316 million) in Series A funding.
Stitch notes it also works with Yoco and dLocal, which has facilitated growth of its footprint with payment service providers to offer more ways for South Africans to pay.
Stitch CPO Junaid Dadan comments: “Our goal is to make it as easy, secure and cost-effective as possible for customers to pay online, which ultimately means more growth for online merchants who are massive drivers of South Africa’s economy. We’re thrilled to partner with a leading player in payments like Peach Payments to help more merchants get paid easier, and receive their funds faster with our instant EFT solution.”
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