In an attempt to target e-commerce sites, Peach Payments, a fintech company based in , has partnered with one of the top four banks in the nation. Peach Payments target E-commerce sites with a new product. Nedbank Direct EFT is now a valid payment option for e-commerce websites that use the Peach Payments platform.
Peach Payments Target E-commerce Sites with a New Product
The fintech business said today that Nedbank Direct EFT eliminates the need for customers to enter their card information or disclose bank login credentials on a merchant’s website to make safe and secure payments directly from their Nedbank bank account.
One of the four biggest banks in South Africa, Nedbank Group offers retail and wholesale banking services along with wealth management, asset management, and insurance.
The financial services ecosystem has changed as a result of the rise and spread of several financial technology businesses into markets that were previously controlled by large incumbents, claims management consulting services provider Tapestry Networks.
According to the report, bankers today view fintechs as possible partners in introducing new goods and services and moving away from antiquated systems, although incumbents first viewed them as a competitive threat.
Adoption of Nedbank Direct EFT by Businesses
“We expect very quick adoption of Nedbank Direct EFT by businesses that want to offer their customers easy, safe payment options,” Rahul Jain, co-founder and CEO, of Peach Payments, said.
“This is another positive step toward the goal of opening up e-commerce to more consumers safely and reliably.”
He added, “This banking practice provides third-party financial service providers with open, permission-based access to consumer banking, as well as financial data such as transactions from financial institutions. It is widely considered a key way to democratize financial services, as it gives consumers more choices in how they manage their money.”
The most recent of numerous comparable services including Capitec Pay that are offered on the Peach Payments platform is Nedbank Direct EFT.
Established in 2012 in Cape Town by Jain and Andreas Demleitner, Peach Payments has grown to be one of the biggest online payment companies in South Africa, with operations also in Kenya and Mauritius.
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