Peach Payments, a digital payments gateway located in South Africa, and Stitch, an API fintech company in Cape Town, have teamed to bring quick EFT payments with minimal fees to online retailers in the country.
This is because instant EFT is quickly replacing other payment methods as more and more buyers in South Africa search for “faster, convenient, and secure” options.
Stitch also gave a press release stating that “Instant EFT by Peach Payments” is now available to all Peach Payments merchants on any integration platform, which can be activated sending an email to support@peachpayments.com.
According to Rahul Jain, CEO of Peach Payments, “In South Africa, Statista found that debit cards make up 33% of all online transactions and credit cards a further 17%.” The implication of this is – 50% of online buyers need additional payment methods to complete their purchases.
Jain therefore believes that providing customers with a number of different payment options improved their bottom line significantly. “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,” the CEO adds.
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 by Kiaan Pillay, Priyen Pillay and Natalie Cuthbert in February 2021, Stitch is an API infrastructure company which enables simple, easy access to user financial accounts in Africa with a lightweight single Sign-On experience, reducing the technical and operational effort.
The South Africa-based application programming interface (API) fintech start-up currently has 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.”
