South African fintech startups Float and Peach Payments have joined forces to provide thousands of Peach Payments merchants with the ability to seamlessly integrate Float’s buy now pay later (BNPL) technology at checkout. This collaboration aims to expand the availability of interest-free monthly installments to a broader consumer base across South Africa.
Float, which launched in November 2021, promotes responsible credit card usage while simultaneously assisting merchants in increasing their sales. The startup’s proprietary technology allows shoppers to make purchases and split their payments into up to 24 interest-free, fee-free monthly installments, utilizing the available limit on their existing Visa or Mastercard credit cards. This innovative approach not only enhances the shopping experience but also encourages consumers to manage their finances more effectively.
Founded in 2012, Peach Payments offers a comprehensive toolkit that enables businesses to accept, manage, and disburse payments through both web and mobile platforms. As the second-largest online payment gateway in South Africa, Peach Payments has also expanded its operations to Kenya and Mauritius, establishing a strong presence in the region.
The partnership between Float and Peach Payments facilitates the integration of Float’s BNPL solution into the Peach Payments checkout process, allowing customers to pay for their purchases over time. Unlike traditional BNPL credit options, Float does not provide shoppers with new credit lines; instead, it offers a more intelligent payment method that enables consumers to split their purchases into manageable monthly installments without incurring interest or additional fees.
Alex Forsyth-Thompson, CEO of Float, comments:
Partnering with Peach Payments marks another key milestone for Float, enabling thousands of merchants to boost sales with flexible, card-linked instalment solutions that empower shoppers with responsible payment options.
Anine de Kock, head of partnerships at Peach Payments, adds:
Peach Payments has seen a rise in popularity of BNPL options, particularly how significantly these options increase conversion rates for merchants. Peach Payments offers a range of BNPL payment options, so customers can take full advantage of merchant offerings.
