Stitch President Junaid Dadan walks us through our latest product designed to enable businesses in South Africa to accept cash payments made at ATMs and retailers across the country, with immediate allocation of payments to a customer's digital account.
Even as digital payments continue to grow in South Africa, many consumers still prefer to make most payments in cash. BankservAfrica estimates 9 out of 10 transactions in South Africa today are carried out in cash. Reasons range from convenience, to security, to speed.
However, those that prefer cash payments are currently excluded from services that are only able to offer digital payment methods. And those businesses are missing out on the opportunity these customers present.
We created CashPay to give consumers more choice in how they wish to pay, enabling them to access digital products and services via cash payments, at ATMs or retailers across South Africa.
With CashPay, tasks like making a deposit into a wallet-based app, or purchasing transport tickets, can be carried out at the same time as a grocery purchase and paid in cash at the same till. Funds paid are instantly allocated to a customer’s digital account, and businesses enjoy seamless reconciliation on the backend.
With CashPay, businesses can significantly expand their reach and:
Current Stitch clients can add CashPay to their integration with minimal development work. New Stitch clients can access CashPay alongside other methods such as Instant EFT, Direct Deposit and Payouts through a single integration.
How CashPay works:
Virtually any business that accepts digital payments can benefit from Stitch CashPay: