Pay by bank encompasses instant EFT payments, as well as payments made via direct bank APIs, such as Capitec Pay.
Instant EFT was offered by third party payments providers to enable fast and affordable payments directly from a consumer’s bank account, without leaving an app or site, and at a lower cost to the merchant than card payments.
Now, individual banks are working to launch their own versions of direct bank to bank transfers via API, which can provide a similar experience to that of Instant EFT.
We believe that as more banks develop direct APIs, Pay by bank will be the future of online payments in South Africa.
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