South African payments startup i-Pay has partnered with PayU, an online payments service provider and a part of Naspers, to launch an automated electronic fund transfer (EFT) solution that allows South Africans to make instant and secure EFT payments.
The PayU EFT Pro solution enables online shoppers to make purchases through their internet banking, in the form of a real time EFT payment, without the need for a credit card.
Using this solution, merchants can receive real time instant payment notifications, meaning that goods and services can be delivered to customers instantly.
The offering also removes the risk usually linked with human error by automatically matching payments to reference numbers.
i-Pay founder Thomas Pays told iOL that the partnership will allow i-Pay venture into Kenya and Nigeria within 2016.
PayU Middle East and Africa (MEA) region CEO Mustapha Zaouini said: "One of the ways we aim to tackle this and push South Africa’s industry in the right direction is through EFT Pro, which allows non-card holders the ability to transact online as effortlessly and securely as cardholders do."
PayU merchant processing head Johan Dekker said: "PayU is excited to work with i-Pay in deploying this next-gen EFT solution, as it not only leads the industry in the right direction but it perfectly complements the existing 30 plus products suite PayU currently offers South African merchants."