Payment gateway Peach Payments has partnered with Capitec to launch Capitec Pay, a new open banking payment method.
This new solution will allow online shoppers to make secure and safe payments directly from their Capitec Bank account.
Capitec Pay is an immediate-payment initiation API solution that is based on open banking standards and best practices. It will allow its banking clients to securely pay online by entering their phone numbers and authorising the payment in-app.
Merchants will be able to have payments completed instantly, without transaction limitations of manual EFTs, it said. The service also boasts payment verification, which will protect merchants from fraudulent transactions.
Finally, the service will automate payment -to-transaction allocations in their Peach Payments dashboard, removing manual admin tasks.
Peach Payments is a payment gateway aimed at Africa and boasts easy commerce integrations and multi-channel support.
Its features include online payments, recurring payments, payouts, payment links and more.
Capitec Pay head Jerome Passmore said, “Shopping online is quick and easy, now checking out is too! Our banking clients can leave their wallets at home and use Capitec Pay to make safe, card-free payments by simply approving their payment on our app. There is no need to enter card details or share bank login details at checkout.”
Peach Payments co-founder and CEO Rahul Jain added, “Capitec Pay is a sign of our commitment to open banking and real-time payments.
“We continue to work with banks to support official integrations which not only deliver a superior real-time experience but also far greater security to bank account holders and users.”
Peach Payments stated the number of open banking users worldwide is expected to grow at an average annual rate of around 50% between 2020 and 2024.
In other PayTech news, Zenus Bank, a digital bank making US bank accounts available internationally, became the first bank to launch a Visa Infinite Debit Card to a global audience.
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