How Stitch one-click deposits help South African businesses boost transaction volumes

For businesses that require customers to deposit funds from a fiat account into a digital wallet - from online gaming platforms, to crypto exchanges and trading services, to money transfer apps and more - a key contributor to high conversion rates and transaction volumes is the ability for customers to make fast, seamless deposits.

A delay of a few seconds can have a drastic impact on outcomes for users. One of the most frustrating things for a user can be friction at the point of purchase when they need to make a deposit in order to get - or stay - in the game. One poor interaction for an end-user can often result in businesses losing that customer. In a world where demand for a seamless experience is high, one poor or slow payment can have tangible impacts on a business’s income statement and reputation.

Stitch is the first payments provider in South Africa to enable one-click deposits from a customer bank account.

With Stitch Pay by bank and Card solutions, businesses that require customers to deposit into a digital wallet can offer one-click deposits for returning users - accessible anywhere on their app or site. This means that customers can log into their preferred bank accounts or enter card details through Stitch Safelink in a client environment once, and returning users  - or those who have come back to the same app or platform and made a second deposit via the same method - will be able to save their details and pay in one click every time after.

The one-click experience can bring down the deposit and value allocation time for return users to  < 3 seconds.

In fact, we’ve seen a 70% decrease in the time it takes users to pay when using Stitch vs other similar providers.

We know that customers will always follow the path of least resistance. We've seen a retention rate of 90-95% for returning users because of this low-resistance experience, which significantly reduces steps to payment and allows for more, and more seamless, deposits.

Sample user retention statistics over a 5-month period

Here’s how some of South Africa’s biggest platforms leverage Stitch one-click deposits to remove barriers to payment, boost transaction volumes and differentiate their user experience from the competition.

Luno

A homegrown South African success story, Luno is a leading international platform for cryptocurrency investing. The firm helps over 10 million customers worldwide to more easily access crypto investing.

Luno offers one-click deposits for their South African customers via Stitch Pay by bank to enable crypto traders to quickly and securely deposit from their fiat accounts into their crypto wallets. Luno launched with Stitch initially just over a year ago as their sole Instant EFT provider. Since launching with Stitch, Luno has seen significant uptake on the method vs previously, and an improved, more seamless user journey. Luno also launched Capitec Pay with Stitch this year.

Here’s how it works:

Hollywoodbets

Launched in 2000, Hollywoodbets is one of South Africa’s leading online gaming platforms, consistently hailed as one of the top destinations for sports betting in the country. The firm employs more than 6000 people in South Africa and serves millions of users - or punters - daily.

In the 24/7 world of online gaming, where options for players are plentiful and timing is absolutely critical, any downtime or disruptions in the deposit process can have significant repercussions. The faster and more seamless the payments process, the sooner players can place their bets and get in the game. For finance teams on the backend, reconciliation needs to be equally seamless, as they’re sorting through thousands of transactions daily. This is where innovations like one-click deposits and seamless reconciliation become key differentiators.

Hollywoodbets launched with Stitch in January 2023, offering Stitch Pay by bank to its punters for one-click deposits, as well as Capitec Pay. Since launching Stitch, Hollywoodbets has expanded the use of Stitch payment methods on its platform, and are able to offer a one-click payments experience to returning punters for the first time.

Here’s how it works:

In increasingly competitive sectors where apps and platforms must continue to innovate and differentiate in order to capture market share, a seamless payment experience and the ability to keep attention focused squarely on what matters to the customer can become significant game changers that keep customers coming back.

These businesses require more than basic support, and often rely on their payments partners for deep, localised and up-to-date insights from the market, consistent optimisation, new offerings that can enhance the experience and best practices that can enable them to better stand apart. At Stitch, our clients and their customers come first. We’ve developed a high-touch customer success service that meets the needs of these businesses, including enhanced support for their VIP customers, and industry benchmarks across others operating in their space.  

Interested in offering one-click deposits for your customers? Get in touch with the Stitch team