Capitec Pay: now available with Stitch
Stitch clients can offer customers the ability to transfer money using Capitec Pay to make easy payments directly from their Capitec bank account without requiring a card.
Stitch clients will now be able to offer their customers the option to pay with Capitec Pay at checkout. Capitec payments can be accepted alongside existing Stitch payment methods.
What is Capitec Pay?
Capitec recently launched Capitec Pay as part of an initial push in South Africa towards open banking. With Capitec Pay, Capitec users can make payments using their mobile number or ID number. Through Stitch, Capitec users can choose Capitec Pay as a payment method at checkout, and approve payment in their Capitec app.
How does Capitec Pay work?
With a Capitec payment, funds are transferred directly from the customer’s Capitec bank account. The merchant is notified to release the goods or services, or credit the user’s account, as soon as the authentication is complete. For merchants, some benefits of Capitec Pay include reduced operational costs and processing times, and lower risk of fraud relative to card payments.
For customers, Capitec Pay means the ability to pay for products and services quickly and easily without entering bank details. They simply:
- Choose Capitec Pay at checkout
- Enter their mobile or ID number
- Receive a push notification to approve the payment in their Capitec app
How can I offer Capitec Pay to my customers?
For existing Stitch clients, no additional deep development work will be necessary to enable Capitec Pay. Businesses also won’t need to develop a direct bank integration. For new Stitch customers, Capitec Pay can easily be combined with other payment methods via a single integration. These include Pay by bank, Manual EFT, cash and credit or debit card. Businesses will enjoy seamless reconciliation across methods.
Looking to offer Capitec Pay to your customers?
Get in touch with our sales team at sales@stitch.money
