{"id":672673,"date":"2023-03-15T12:47:11","date_gmt":"2023-03-15T10:47:11","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=672673"},"modified":"2023-03-15T13:57:28","modified_gmt":"2023-03-15T11:57:28","slug":"introducing-capitec-pay-the-best-way-for-south-africans-to-pay","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/industry-news\/672673\/introducing-capitec-pay-the-best-way-for-south-africans-to-pay\/","title":{"rendered":"Capitec to revolutionise the way South Africans pay \u2013 introducing Capitec Pay"},"content":{"rendered":"<p>Capitec, South Africa\u2019s best digital bank, is changing the way people pay to make it simpler, more secure and accessible for all.<\/p>\n<p>The increasing prevalence of smartphones means that billions now have an entire banking system in their pockets.<\/p>\n<p>For the over 11 million people that use Capitec\u2019s digital channels, a host of new innovations in the financial services sector means their banking experience is about to get a whole lot slicker.<\/p>\n<ul>\n<li><a href=\"https:\/\/www.capitecbank.co.za\/personal\/transact\/capitec-pay\/?utm_source=BusinessTech&amp;utm_medium=Article&amp;utm_term=March+2023\" target=\"_blank\" rel=\"noopener\"><strong>For more information visit our website.<\/strong><\/a><\/li>\n<\/ul>\n<p>Jerome Passmore, Head of Capitec Pay at Capitec, says, \u201cThe financial services world is moving toward making more clients\u2019 banking activities and relationships digital.&#8221;<\/p>\n<p>&#8220;Open banking is one such technology which allows consumers to share their account information on apps or websites safely and securely.&#8221;<\/p>\n<p>&#8220;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.\u201d<\/p>\n<p>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.<\/p>\n<p>\u201cWe\u2019re continuously innovating to empower our clients by making payments frictionless and secure, like using unique facial biometric scans and cardless online payments that don\u2019t compromise their banking login information,\u201d says Passmore.<\/p>\n<p>\u201cAs a leading digital bank, we strive to make payments as rapid and safe as possible, whether real-time payments between friends or online. That\u2019s why we\u2019ve decided to become the first in the country to introduce an open banking solution like Capitec Pay.\u201d<\/p>\n<h3 class=\"my-4\">Here\u2019s how<\/h3>\n<p>Paying with Capitec Pay is as easy as 1, 2, 3:<\/p>\n<ol>\n<li><strong>Choose<\/strong> Capitec Pay through the payment provider (e.g., Pay@, Ozow).<\/li>\n<li><strong>Enter<\/strong> your cellphone, account or ID number<\/li>\n<li><strong>Approve<\/strong> 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<\/li>\n<\/ol>\n<p>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.<\/p>\n<p><strong>Capitec Pay offers many benefits for payment solution providers and their merchants, including:<\/strong><\/p>\n<ul>\n<li>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<\/li>\n<li>New audience reach: Access to Capitec\u2019s actively growing digital client base (+11 million as of March 2023)<\/li>\n<li>Simplified API integration: The bank\u2019s integration process is easy and fast<\/li>\n<li>Rich data: Detailed error messages allow partners to better interact with their customers on the front-end<\/li>\n<li>Less risk: Payment providers don&#8217;t need to store sensitive information, lowering the risk of being targeted by fraudsters<\/li>\n<li>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%<\/li>\n<\/ul>\n<p><strong>Capitec Pay offers several benefits to the bank\u2019s clients, including:<\/strong><\/p>\n<ul>\n<li><strong>Security<\/strong>: Approve payments using your secret mobile banking pin or biometrics on the Capitec app.<\/li>\n<li><strong>Affordability<\/strong>: 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.<\/li>\n<li><strong>Accessibility<\/strong>: Shop and checkout online with Capitec Pay anywhere, anytime with your phone.<\/li>\n<li><strong>Ease of use<\/strong>: Capitec Pay\u2019s user-friendly and easy-to-navigate interface will make your online shopping experience a breeze.<\/li>\n<\/ul>\n<p>\u201cOur aim is to always put the client and their journey with us first. Capitec Pay is one if the ways in which we\u2019re doing that.&#8221;<\/p>\n<p>&#8220;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,\u201d says Passmore.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Capitec, South Africa\u2019s best digital bank, is changing the way people pay to make it simpler, more secure and accessible for all. <\/p>\n","protected":false},"author":57,"featured_media":672679,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10459],"tags":[1798,17899],"class_list":["post-672673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news","tag-capitec","tag-capitec-pay"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/672673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=672673"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/672673\/revisions"}],"predecessor-version":[{"id":672845,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/672673\/revisions\/672845"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/672679"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=672673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=672673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=672673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}