Peach Payments Partners Stitch to Offer EFT Payments to South African Retailers
Online retailers in South Africa can now accept safe, affordable fast Electronic Fund Transfer (EFT) payments thanks to a partnership between South African digital payments gateway Peach Payments and API Fintech Stitch. All Peach Payments merchants can use the payment option, known as “Instant EFT by Peach Payments,” on any integration platform. To enable it, contact the business’s support staff through email.
The company claims that as e-commerce and digital transactions continue to rise in South Africa, with interest jumping 66% last year and predicted to reach R225 billion in value by 2025, customers are expecting faster, more convenient, and more secure ways to pay. In order to allow their customers to conduct digital transactions, more merchants are going online and depending on payment gateways like 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,” says Rahul Jain, CEO of Peach Payments. Junaid Dadan, Stitch CPO, adds: “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.”
Instant EFT by Peach Payments provides: the second most popular online payment method in South Africa for businesses looking to accept a range of payment methods and reach a larger market. The payment will provide higher success rates in transactions, smooth payment process that decreases cart abandonment increased security to lessen fraud a type of payment that is inexpensive, making it more accessible than card payments further reach to accommodate those without cards the option for returning customers to pay with just one click at any Peach Payments business.
Peach Payments has provided online shopping and digital payments to both small and large merchants on the African continent for over ten years. It works with businesses in Kenya, Mauritius and South Africa, providing a toolkit that enables them to accept, manage and make payments via mobile and the web.
Stitch was officially launched in February 2021 after it had been in stealth mode 2 years. The south African Fintech startup has since pulled strides, ensuring that it disrupts the continent’s financial space. The firm recently raised $21 million in Series A funding, and in April announced the launch of LinkPay, the first payments solution in Africa that tokenises user financial accounts to enable one-click, verified payments and seamless payouts for returning customers.