Instant EFT payments just got better and faster. Southern Africa’s leading payments aggregator Pay@ has partnered with Stitch, a payments and data Application Programming Interface (API) fintech, allowing billers and merchants to easily accept secure payments from customers via Instant EFT.
Pay@ has partnered with Stitch to bring a much-improved customer experience – allowing a better and faster way to pay.
Additionally, billers and merchants will be able to improve conversion rates with a fast, seamless payments experience – even reaching customers that don’t have a bank card.
Instant EFT is the most cost-effective payment method enabling billers and merchants to save on transaction fees and receive funds more quickly.
As a result of Stitch’s advanced technology, there is a higher success rate, with around 20% higher conversion, due to the simple, secure, and user-friendly payment method. This combats high drop-off rates seen with other providers.
With more and more innovative tech businesses launching across Africa, Stitch wants to flip the payments landscape on its head. “We want to change the game when it comes to fast, secure, and cost-effective money movement. Our open finance Instant EFT solution reduces fraud, makes payments easier and more secure, and makes digital payments more accessible – even for those without a card, “says Jessica Manthey, Channel Partnerships Lead at Stitch.
Clinton Leask, Business Development Lead at Pay@ says, ‘We couldn’t be happier to partner with Stitch. Sharing a similar vision with Stitch, we are continuously looking at ways to innovate and make payments more user-friendly by closing the gaps in the unbanked market. As trusted brands, our visions aligned, and we know this partnership will be a good fit”.
Stitch InstantPay has already been implemented into the Pay@ platform and is rolling out to all Pay@ clients. For current billers and customers, although the service provider has changed, there are no additional steps or changes that need to be made.