Payfast Plans To Shake Up SA Payments With Free POS Devices For Local Merchants
Payfast, a company owned by fintech operator Network International, is set to transform SA’s digital payment landscape by offering free Point of Sale (POS) devices to local merchants.
Traditionally, small businesses owners or merchants had to purchase POS systems upfront or pay monthly rentals, plus transaction fees, to accept card and digital payments.
Additionally, the POS device expands merchants’ revenue streams by enabling them to purchase airtime, data, lottery, and betting vouchers directly.
Payfast is South Africa’s leading online and ecommerce payment service provider that enables digital payment solution for merchants, individuals, NPOs and businesses of all sizes .
Its vision is to help South African businesses and economy prosper by simplifying commerce and payments, through the provision of our world class products and services thus.
“We are thrilled to introduce the Network POS device to the South African market.,” said David Adams, Regional Managing Director at Payfast by Network.
“We aim to provide our customers with market-leading digital payment solutions and the POS enables merchants to manage their businesses seamlessly on one platform.
“By unifying online and offline commerce, we are providing our customers and businesses with a competitive edge in an increasingly digital world. This also removes the barriers to entry for merchants by providing cutting-edge POS technology with no upfront costs.”
What are the key features of the Network POS device?
The key features in-store payment solution include free POS terminal, access to funding within 24 hours, seamless online and offline integration and variety of payment options and real-time insights.
Why is Payfast by Network launching a POS system in South Africa now?
South Africa is rapidly transitioning towards a cashless society. Businesses need reliable, accessible solutions to manage both online and in-store digital payments. The Network POS device addresses this need by providing a seamless and secure platform for all transactions.
How does the launch of Network POS align with Network International’s overall strategy?
Network International is committed to being the fastest-growing and leading enabler of digital payments in the Middle East and Africa. The launch of Network POS in South Africa is a significant step towards achieving this goal by…
– Expanding market presence: Strengthening Network’s position in the South African payments landscape.
– Driving financial inclusion: Providing accessible payment solutions to businesses of all sizes.
– Supporting economic growth: Empowering SMEs, a key driver of the South African economy.
Vodacom
FTSE-listed tech firm Network International (NI) today announce that it has been appointed as a digital payments technology partner to Vodacom Financial and Digital Lifestyle Services. This means it will provide a fully managed service offering.
The NI omni-channel digital payment capabilities will allow card holders to pay anywhere in multiple ways, while enjoying seamless and secure payments, with end-to-end tokenization.
The deal sees NI providing managed services card issuing, and acquirer processing services transaction switching capabilities, as well as other value added services and related back-office support functions.
The solution will mean merchants can offer a range of payment devices and allow them to take payments in all transaction modes laying the groundwork for a full omni-channel experience.
“Vodacom Financial and Digital Lifestyle Services is successfully providing financial services to a significant portion of previously underbanked customers, transforming lives and communities across the continent,” says Carlo Ricci, Co-Regional Managing Director Southern Africa at Network International.
“This aligns with NI’s vision of enabling commerce in the world’s most underpenetrated payments market. This partnership also highlights the experience and capabilities that NI has in not only serving traditional retail banks across the continent, but also our ability to support MNOs and fintechs of all sizes on their digital payments journeys,” added Richards Kadiaka, Co-Regional Managing Director Southern Africa at Network International.
Network International continues to invest in the local and African markets. In February this year, Network International announced it had launched its state-of-the-art AWS cloud-based, integrated payment suite that will be hosted and operated in South Africa.
“NI is well-positioned to offer innovative solutions and services to its clients. We are committed to continue investing in local resources and capabilities in South Africa to ensure that we are agile in offering and delivering the best to our clients. Our Payment as a Service offering gives African banks, telcos and retailers the confidence to radically transform their operations and, through this, their products and services, ensuring they remain competitive and sustainable,” says Dr. Reda Helal, Group MD, Processing Business – Africa.
