Introducing Stitch Cash
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.
What is Stitch Cash?
We created Stitch Cash 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 Stitch Cash, 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 Stitch Cash, businesses can significantly expand their reach and:
- Accept cash deposits made at ATMs and retailers across SA
- Receive instant notifications for any transaction completed
- Automatically attribute payments to the customer's account
- Reconcile cash payments seamlessly alongside other Stitch methods
How to get started with Stitch Cash
Current Stitch clients can add Stitch Cash to their integration with minimal development work. New Stitch clients can access Stitch Cash alongside other methods such as Bank Transfer, Debit Order, Card and Payouts through a single integration.
How Stitch Cash works:
- Customer opens the app or site they wish to pay into
- Customer selects cash as a payment method
- Customer enters the amount they wish to pay in cash
- Customer is directed to their nearest cash-in point and given deposit instructions
- The amount paid is automatically allocated to the customer’s digital account
- The business receives an instant notification confirming the amount paid and a unique reference for seamless reconciliation
Who can use Stitch Cash?
Virtually any business that accepts digital payments can benefit from Stitch Cash:
- Insurance businesses can easily collect and attribute premiums in cash
- E-commerce businesses can increase their audience by allowing customers to make online purchases using cash
- Transport businesses can allow passengers to purchase tickets at retailers in cash
- Wallet-based trading or financial services apps can allow customers to make easy deposits with cash
- And more
Get started with Stitch Cash
Get in touch with our sales team and reach more customers by adding cash to your checkout.
