South African safe and low-cost contactless payment channel, Zapper, has announced that users can now link their bank accounts in the app to pay retailers by scanning a QR code. With the help of the Stitch LinkPay application programming interface, the business has enabled Instant EFT payments. Previously, Zapper customers needed to log into their bank accounts every time they initiated an Instant EFT payment.
This adds to the support for debit and credit cards offered by Zapper as well as Ozow Instant EFT payments. Through its API, Stitch enables Zapper users to connect their Absa, Capitec, FNB, Nedbank, and Standard Bank bank accounts to the application.
According to Brett White, CEO of Zapper, the partnership with Stitch maintains Zapper’s commitment to make sure Zapper businesses can offer as many payment alternatives as possible.
“Our work with Stitch continues our commitment to ensure Zapper merchants can offer as many payment options as possible. By providing a simple, secure Instant EFT option, customers can now still use their favourite scan-to-pay method without relying on a bank-issued card,” White said.
According to Kiaan Pillay, CEO of Stitch, Zapper could provide clients using Instant EFT a noticeably better experience with LinkPay. Pillay added that merchants save on pricey card fees and fraud-related penalties when more customers choose to pay using Instant EFT, noting that instant EFT was less expensive for sellers.
Stitch launched LinkPay in April 2022, laying claim to being the first product in Africa to offer one-click Instant EFT payments.
How Users Can Link their Zapper Accounts
Customers must choose “Link bank account” in the “Payment methods” settings in order to link a bank account in the Zapper app. They can also make this their preferred mode of payment. Users are requested to choose their financial institution before being directed to log in with their online banking credentials.
The account will be linked after confirming with a multi-factor authentication method, such as an in-app approval or OTP, and any further payments can be done with just one click and no additional signing in required.
MyBroadband received assurances from Stitch that the banking information requested by its system is secure. Stitch also added that websites that use its service, only hold a randomly-generated token representing the username and password.
“We don’t share usernames and passwords with anyone. All user details are stored in a secure, encrypted vault hosted by Microsoft Azure.
“When users return to make a future payment, this token is used to identify them, and their details are then passed from the vault to the bank without the website having access to them. We also conduct regular penetration tests using external, CREST-certified vendors to ensure that our systems follow the strongest security practices available and that they’re protected against attackers.”
Zapper claimed that retailers may accept a number of different payment methods in addition to its standard scan-to-pay QR choices for card purchases, whether at physical points of sale or online. These consist of gift cards, mobile wallets, and third-party services connected into the Zapper network, such as Instant EFT, buy-now-pay-later, and cryptocurrency wallets.