July 18, 2024

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E-commerce payment companies rebrand under PayFast

E-commerce payment companies rebrand under PayFast

A few of South Africa’s significant on the internet payment company vendors (PSPs) will now tumble below just one brand name.

The move, announced on Tuesday, will see the PayGate and SiD brands disappearing, with PayFast symbolizing the whole featuring under just one manufacturer.

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The branding overhaul comes 15 months soon after Cape Town-centered DPO Team – which owned PayFast, PayGate and SiD – was acquired by Dubai-centered IT giant Community Global for an undisclosed sum.

PayFast claims the rebrand and new site, which was set to go dwell at midnight on Tuesday, will permit retailers to interact with a single entity, although working with common goods and methods made available by all three makes for frequent day-to-day functions.

Indicating the development in e-commerce, PayFast notes that on line retail passed the R50-billion mark in 2022.

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It claims it intends to leverage the expertise, technological innovation, and strategies of the consolidated workforce to boost e-commerce chances and capabilities for retailers.

“By combining the capabilities of 3 of South Africa’s major e-commerce gamers under just one strong entity, we have strengthened our potential to deliver on our promise to partners – which is to do anything we can to unleash their growth probable,” claims PayFast MD Brendon Williamson.

“We’ve designed an ecosystem exactly where some of the industry’s best minds can share suggestions and work together towards innovation in the payments sector,” he provides.

He states at an business amount, the partnership will help the PSP to guarantee that nearby e-commerce stays on par with global traits.

On the shopper front, he says the rebrand aims to aid benefit when transacting on the net, when offering helpful alternatives by means of the thrust from its acquisition lover.

“Our merchant base and buyers have been ready for the following big issue,” states Williamson.

“From the advancement of e-commerce and cashless transactions to the rise of electronic nomads, the planet has progressed. Similarly, the PayFast manufacturer had to evolve. We are pushed by change that has by now taken location in the marketplace, to drive more innovation for the long run.”

He states PayFast’s partnership with Community Global means the PSP will now have obtain to numerous global partners.

“This implies we get perception into getting a enterprise immediately, as opposed to likely by means of a third celebration – which is potent for us as a payment company service provider.”

Chris Wood – Community Global regional MD of Southern Africa and Palops (Portuguese-speaking African countries) – suggests PayFast will keep on to be a vital purpose player in rising e-commerce traits, which include accommodating the hybrid service provider who conducts payments equally on the web and offline.

He claims the new PSP group also intends to participate in the social commerce area where businesses conduct transactions on social media platforms such as WhatsApp, Fb and TikTok.

Wood suggests the company hopes to cut down the boundaries to entry for smaller players although merging the payment field bodies to further enrich e-commerce remedies in the region.

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Nondumiso Lehutso is a Moneyweb intern.