On The Web
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“South Africa has recently seen a flood of affordable point-of-sale machines targeting small businesses. The most popular are budget wireless devices imported from abroad that allow businesses to accept credit and debit cards. But it’s now possible to accept card payments without a card reading device, using what the industry calls Software Point of Sale, […]
Why FNB Charges an Extra Fee for Netflix, Spotify, and Google Subscriptions
“FNB has started charging an “international payment fee” for using one of its cards to pay for popular online services like Netflix, Spotify, Steam, and YouTube Premium. Several FNB customers have complained about the fee appearing on their account statements from July, after FNB’s price changes for the 2022/2023 period came into effect. While the […]
THOMAS PAYS: Payment System Set to Draw in SA’s Underbanked
“A major change is coming to SA’s banking and payments sector. Known as the Rapid Payment Programme (RPP), this evolutionary banking concept aims to create a simpler, safer instant payment ecosystem that would give people the ability to make real-time payments using simple identifiers such as mobile numbers or e-mail addresses. Led by BankservAfrica in collaboration […]
SA banks are ‘forced’ to charge more for instant payments – but their prices vary wildly
“South African banks say they have little choice but to charge extra for processing immediate electronic payments between clients of different banks. In a single year, banks process more than 49 million of these premium-rate transactions – but quite how much banks believe this extra computing power and risk should cost clients differs greatly. At the extremes, […]
Paystack Expands to South Africa Seven Months After Stripe Acquisition
“Nigerian fintech startup Paystack has been relatively quiet since it was bought by fintech giant Stripe last October. The deal, worth more than $200 million, caused shockwaves to the African tech ecosystem and offered some form of validation to work done by founders, startups and investors alike. Today, the payments company, which powers businesses with its payment API and is actively present […]
Apple Pay Goes Live in South Africa
“Apple Pay has rolled out in South Africa with support for Visa cards issued by Absa and Discovery Bank and for Visa, Mastercard and American Express cards issued by Nedbank . Apple Pay has now added the three South African banks to the list of banks and payment cards it supports , and “by midday […]
BankservAfrica Selects TCS BaNCS™ to Drive South Africa’s Rapid Payments Program
“Tata Consultancy Services (TCS) has been appointed as the technology provider for South Africa’s payments platform build for the Rapid Payments Programme (RPP). By joining forces with TCS, BankservAfrica will evolve payments for the hyperconnected digital economy in South Africa and beyond…RPP meets the requirements of the Payments Association of South Africa’s (PASA) vision for […]
Stitch Emerges From Stealth With $4M for Its API Fintech Play in Africa
“Stitch wants to provide full API access to financial accounts across Africa starting from its first market, South Africa. With its API, developers can connect apps to financial accounts. This allows users to share their transaction history and balances, confirm their identities and initiate payments. We’ve seen a wave of API-led financial services companies proliferating around the globe. […]
South African Digital Bank TymeBank Lands $109M From UK and Philippines Investors
“The onset of the pandemic has led to increased demand across customer income groups around the world for digital banking options. We’ve seen how digital banks like Zolve and Nubank have raised money in recent months to fill this need. This time, a startup from Africa has joined the party. TymeBank , a South African […]
Discovery Bank introduces virtual card, contactless payment
“Discovery Bank has become the latest financial institution to introduce a virtual bank card to offer clients additional levels of safety and convenience when transacting. The bank’s latest offering comes on the back of increasing demand for online and contactless payments in recent months, with many people opting out of making cash payments or using touch point-of-sale […]