Capitec, South Africa’s best digital bank, is changing the way people pay to make it simpler, more secure and accessible for all.
The increasing prevalence of smartphones means that billions now have an entire banking system in their pockets.
For the over 11 million people that use Capitec’s digital channels, a host of new innovations in the financial services sector means their banking experience is about to get a whole lot slicker.
Jerome Passmore, Head of Capitec Pay at Capitec, says, “The financial services world is moving toward making more clients’ banking activities and relationships digital.”
“Open banking is one such technology which allows consumers to share their account information on apps or websites safely and securely.”
“Across the world, banks are beginning to investigate similar functionality that will help clients to live better. We want to continue to be at the forefront of that to increase financial inclusion and make banking even more simplified and personalised.”
To this end, the bank has launched Capitec Pay, the first bank-endorsed online shopping payment method in South Africa that allows clients to make safe and card-free payments.
“We’re continuously innovating to empower our clients by making payments frictionless and secure, like using unique facial biometric scans and cardless online payments that don’t compromise their banking login information,” says Passmore.
“As a leading digital bank, we strive to make payments as rapid and safe as possible, whether real-time payments between friends or online. That’s why we’ve decided to become the first in the country to introduce an open banking solution like Capitec Pay.”
Paying with Capitec Pay is as easy as 1, 2, 3:
- Choose Capitec Pay through the payment provider (e.g., Pay@, Ozow).
- Enter your cellphone, account or ID number
- Approve the payment by signing in to our app, tapping Transact and then Capitec Pay to approve your payment with your Remote PIN or biometrics on our app
The open banking system also enables third-party payment providers to securely initiate payment requests from Capitec clients while allowing them to choose the account they want to pay from and authenticate the payment safely through our banking app.
Capitec Pay offers many benefits for payment solution providers and their merchants, including:
- Improved checkout completion rates: Capitec Pay provides clients with a secure and convenient payment experience through our app, allowing you to increase your conversation rates
- New audience reach: Access to Capitec’s actively growing digital client base (+11 million as of March 2023)
- Simplified API integration: The bank’s integration process is easy and fast
- Rich data: Detailed error messages allow partners to better interact with their customers on the front-end
- Less risk: Payment providers don’t need to store sensitive information, lowering the risk of being targeted by fraudsters
- Low cost: Capitec Pay is a more cost-effective payment method than card payments, with commission fees from 0.7% and as low as 0.58%
Capitec Pay offers several benefits to the bank’s clients, including:
- Security: Approve payments using your secret mobile banking pin or biometrics on the Capitec app.
- Affordability: Enjoy the lowest fees on the market when checking out your items online. Capitec Pay only charges R1 per transaction compared to the industry standard of R2 for an EFT.
- Accessibility: Shop and checkout online with Capitec Pay anywhere, anytime with your phone.
- Ease of use: Capitec Pay’s user-friendly and easy-to-navigate interface will make your online shopping experience a breeze.
“Our aim is to always put the client and their journey with us first. Capitec Pay is one if the ways in which we’re doing that.”
“Our hope is to provide payments that offer our clients security, accessibility and ease of use at affordable rates in real time in order to help them lived better,” says Passmore.