Introducing Capitec Pay – The best way for South Africans to pay

3 years ago 1

ARTICLE AD BOX

Capitec, the leading South African digital bank, has announced Capitec Pay – the first bank-endorsed online shopping payment method in South Africa.

Capitec Pay allows clients to make safe and card-free payments, and will change the way people pay to make it simpler, more secure, and more accessible for all.

Click here to download the Capitec app.

This is a huge deal as the increasing prevalence of smartphones means that millions of South Africans now have access to an entire banking system in their pockets.

For the over 11 million people that already use Capitec’s digital channels, Capitec Pay and the innovation that comes with it means their banking experience is about to get a whole lot slicker.

“The financial services world is moving toward making more clients’ banking activities and relationships digital,” said Jerome Passmore, Head of Capitec Pay at Capitec.

“Open banking is one such technology which allows consumers to share their account information on apps or websites safely and securely.”

“Across the world, banks are beginning to investigate similar functionality that will help clients to live better. We want to continue to be at the forefront of that to increase financial inclusion and make banking even more simplified and personalised.”

Passmore said that Capitec is continuously innovating to empower its clients – such as through the use of unique facial biometric scans and cardless online payments that don’t compromise their banking login information.

“As a leading digital bank, we strive to make payments as rapid and safe as possible, whether real-time payments between friends or online. That’s why we’ve decided to become the first bank in the country to introduce an open banking solution like Capitec Pay.”

Paying with Capitec Pay is as easy as 1, 2, 3:

Choose Capitec Pay through the payment provider (e.g., [email protected], Ozow).
Enter your cellphone, account or ID number.
Approve the payment by signing in to our app, tapping Transact, and then Capitec Pay to approve your payment with your Remote PIN or biometrics on Capitec’s app.

The open banking system also enables third-party payment providers to securely initiate payment requests from Capitec clients while allowing them to choose the account they want to pay from and authenticate the payment safely through Capitec’s banking app.

Capitec Pay offers many benefits for merchants and payment solution providers, including:

Improved checkout completion rates – Capitec Pay provides clients with a secure and convenient payment experience through its app, allowing you to increase your conversation rates.

New audience reach – Access to Capitec’s actively growing digital client base (12 million+ as of March 2023).
Simplified API integration – The bank’s integration process is easy and fast.
Rich data – Detailed error messages allow partners to better interact with their customers on the front-end.
Less risk – Payment providers don’t need to store sensitive information, lowering the risk of being targeted by fraudsters.
Low cost – Capitec Pay is a more cost-effective payment method than card payments, with commission fees ranging from as low as 0.58% to 0.7%.

Capitec Pay offers several benefits to the bank’s clients, too, including:

Security – Approve payments using your secret mobile banking pin or biometrics on the Capitec app.
Affordability – Enjoy the lowest fees on the market when checking out your items online. Capitec Pay only charges R1 per transaction compared to the industry standard of R2 for an EFT.
Accessibility – Shop and checkout online with Capitec Pay anywhere, anytime using your phone.
Ease of use – Capitec Pay’s user-friendly and easy-to-navigate interface will make your online shopping experience a breeze.

“Our aim is to always put the client and their journey with us first. Capitec Pay is one of the ways in which we’re doing that,” said Passmore.

“Our hope is to provide payments that offer our clients security, accessibility and ease of use at affordable rates in real time in order to help them live better.”