Online shoppers can now pay for their purchases using a range of store cards within financial services provider RCS’ stable of brands.
This, after online payment gateway PayFast partnered with RCS to launch the payment method.
South Africa-based PayFast accepts online payments from local and international buyers from more than 80,000 merchants, who run their business through the fintech payment gateway.
According to PayFast, the new payment method means consumers can pay with their store card the same way they do with a credit or check card when shopping online.
Additionally, e-merchants and businesses will be paid in full instantly, while RCS handles payouts directly with the customer.
“Alternative payment methods provide convenience to customers, allowing them to pay in a way that suits them,” says David Kusel, product manager at PayFast.
“In South Africa, there are more store card holders than credit cards – this partnership supports the expansion and growth of our offering, as well as our goal of providing a wider range of payment options. This gives us new opportunities to attract new audiences and make e-commerce more accessible.
The local and e-commerce space has seen a major shift in how and when people shop online, as well as how they pay for their purchases.
It is further expected that buy-it-now and pay-later options will boost SA’s e-commerce sector as more online retailers offer flexible split-payment options to consumers amid tough economic times.
The consumer finance arm of global bank BNP Paribas, RCS, has more than 2.5 million South African consumers using its store cards to make purchases, across a network of 26,000 stores.
As part of the launch, the RCS store card payment method will be enabled at nearly 40,000 e-commerce stores, including LEGO and Hertex Fabrics.
“The PayFast partnership will help accelerate our shift to online and e-tail credit solutions, creating a digitally accessible platform for all consumers, regardless of payment method,” said RCS CEO Regan Adams.
“Through our network of store card retailers, we are essentially releasing the buying power of e-commerce to a customer segment that has not been able to benefit from online shopping.
“By working with PayFast to roll out the new store card payment method, we look forward to reaching an emerging, digitally savvy target market.”
To use the store card to purchase online, customers are prompted to enter their store card number when they arrive at the checkout process for the purchase.
They will then receive a one-time-use PIN via the mobile phone number linked to their card, which they will enter to approve the purchase.
Once the transaction is processed, it will reflect in the PayFast account.
The following proprietary cards can be used to pay with PayFast: RCS, Game Mystore, Makro, Builders, Cape Union Mart Group, Keedo, Old Khaki, Poetry, Tread+Miller, VIP, CTM, Contempo and Supa Quick.
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