In a bid to simplify bank transfer payments for merchants in South Africa and Nigeria, Stitch, a South African fintech startup company has launched LinkPay.
According to a press statement by the company, Linkpay enables users to link their financial accounts and pay securely via instant bank transfer, in seconds
“Traditional payment methods are no longer meeting the needs of Africa’s consumers, who demand faster, more convenient and more secure ways to pay. As well, businesses face long settlement times, high fees (up to 3.5% in South Africa) and chargebacks from card transactions, and high rates of fraud, impacting their ability to grow,” It stated.
It also adds, “Stitch LinkPay addresses these challenges with a more cost-effective, frictionless and secure payments product that tokenises user financial accounts to enable one-click payments (known as Instant EFT in South Africa and pay by bank in Nigeria).”
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The payment experience is as convenient as that of a tokenised card, but comes without high fees or chargebacks. LinkPay can be integrated alongside Stitch Payouts and Financial Data products to enable a complete linked-account journey, including verified payments, refunds and withdrawals.
“With LinkPay, Stitch can enable businesses to offer a more frictionless and secure payments experience, making it easier than ever for their customers to pay – and saving on costs. Combined with Stitch Financial Data and Payouts products, LinkPay offers a truly unique closed-loop linked-account experience for returning users – from fast, seamless onboarding, to one-click payments and payouts. Junaid Dadan, Chief Product Officer at Stitch said
Dadan further said that businesses will see higher conversion rates, a reduction in costs and ultimately a more convenient experience for their users.”
Stitch launched in February 2021 and has offices in Cape Town and Johannesburg, South Africa, and Lagos, Nigeria.
