Mukuru & Payfast to launch new payment service in South Africa
By Delisha Fernandes
African FinTech company Mukuru has partnered with online payment gateway Payfast to launch a new payment service. As a payment option on Payfast, Mukuru allows merchants to accept cash payments for online purchases.
When a consumer selects Mukuru as a payment option on the checkout page of the online store, they are sent a unique code. They can take this code to any Mukuru pay point nationwide within 36 hours to pay for their purchase. As soon as the cash payment is made, Payfast informs the merchant, and the online order is processed.
Oliver O’Brien, Group Executive Head of Strategy and Business Development at Mukuru, said, ” This solution provides consumers with the ideal bridge between cash and digital. “We have customers who trust us and are familiar with using our platform, making their transition to the digital economy seamless. The competitive merchant fees and convenience of pay points for this on-demand product for customers makes it an accessible option for all.”
“Millions of people in South Africa can now access a range of online stores that cover all categories from entertainment and fashion to groceries and appliances. Merchants can now tap into this sizable and underserved market to unlock more growth opportunities. The partnership with Payfast provides consumers with a safer and more reliable option than cash on delivery that has been fraught with challenges, especially in informal communities,” added O’Brien.
With a wide range of cash-to-digital pay-in points across urban and rural areas in South Africa, Mukuru has a strong foothold in the cash economy. This covers customers who prefer to use cash online, to those employed in the informal sector and primarily deal in cash. The partnership between Payfast and Mukuru will bridge the digital divide by offering a safe and convenient way for cash users to participate in the digital economy.
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