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Global

These Free Mobile Apps Transform Phones into Point-of-Sale Terminals – With Some Limitations

August 2 2022

“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, […]
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Global

Why FNB Charges an Extra Fee for Netflix, Spotify, and Google Subscriptions

August 2 2022

“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 […]
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Global

THOMAS PAYS: Payment System Set to Draw in SA’s Underbanked

August 5 2021

“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 […]
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Global

SA banks are ‘forced’ to charge more for instant payments – but their prices vary wildly

May 11 2021

“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, […]
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Global

Paystack Expands to South Africa Seven Months After Stripe Acquisition

May 7 2021

“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 […]
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Global

Apple Pay Goes Live in South Africa

April 7 2021

“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 […]
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Global

BankservAfrica Selects TCS BaNCS™ to Drive South Africa’s Rapid Payments Program

March 3 2021

“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 […]
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Deals

Stitch Emerges From Stealth With $4M for Its API Fintech Play in Africa

February 26 2021

“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. […]
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Global

Discovery Bank introduces virtual card, contactless payment

December 1 2020

“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 […]