Online shoppers can now pay for purchases using a range of store cards within financial services provider RCS’s stable of brands.
This, after online payment gateway PayFast partnered with RCS to launch the payment method.
South African-based PayFast accepts online payments from local and international buyers across more than 80 000 merchants, which run their business through the fintech firm’s payment gateway.
According to PayFast, the new payment method means consumers can pay with their store card in the same way they do with a credit or cheque card when checking out an online purchase.
Furthermore, online merchants and businesses will be paid in full instantly, while RCS handles the instalments directly with the customer.
“Alternative payment methods provide customers with convenience, enabling them to pay in a way that suits them,” says David Kusel, head of product at PayFast.
“In South Africa, there are more store card-holders than credit cards – this partnership supports the expansion and growth of our offering, as well as our goal to provide a broader range of payment options. This gives us fresh opportunities to attract new audiences and make e-commerce more accessible.”
The local and e-commerce space has witnessed a major shift in how and when people shop online, as well as how they pay for purchases.
It’s further predicted that the buy-now-pay-later options will turbo-charge SA’s e-commerce sector, as more online retailers offer consumers flexible split-payment options, amid tough economic times.
The consumer finance arm of global bank BNP Paribas, RCS has over 2.5 million South African consumers using its store cards to make purchases, across a network of 26 000 stores.
As part of the launch, the RCS store card payment method will be enabled at almost 40 000 e-commerce stores, including LEGO and Hertex Fabrics.
“The PayFast partnership will help to accelerate our move to online and e-tail credit solutions, creating a platform that is digitally accessible to all consumers, regardless of the payment tender,” states Regan Adams, CEO of RCS.
“Through our store card network of retailers, we are essentially unlocking the e-commerce purchasing power to a customer segment that has not been able to benefit from online shopping.
“By working together with PayFast to roll out the new store card payment method, we’re looking forward to reaching a digitally-savvy emerging target market.”
To use the store card to buy online, customers are prompted to enter their store card number when they get to the checkout process of the purchase.
They will then receive a one-time PIN via the mobile number that’s linked to their card, which they will enter to approve the purchase.
Once the transaction is processed, it will reflect on the PayFast account.
The following store cards can be used to pay with PayFast: RCS, Game Mystore, Makro, Builders, Cape Union Mart Group, Keedo, Old Khaki, Poetry, Tread+Miller, VIP, CTM, Contempo and Supa Quick.
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