- Zapper, a South African mobile payments company, has partnered with Stitch, a South African API fintech startup, to allow Zapper users to make instant electronic funds transfer (ETF) payments using the latter's LinkPay product.
- Stitch claims that LinkPay — launched in 2022 — is Africa's first product to offer secure, one-click instant electronic funds transfer (EFT) payments from a linked financial account, providing an experience as convenient as a card at a fraction of the cost.
- Using the Stitch LinkPay API, Zapper has added instant EFT payments, which is an addition to Zapper's support for debit and credit cards and Ozow Instant EFT payments.
Zapper enables merchants to offer digital payment methods to their customers.
Previously, Zapper customers had to log into their bank accounts each time before checking out to initiate a payment.
Now, they can make an instant payment by scanning the Zapper QR code at the point of sale and selecting to pay from the linked account.
Customers can link an account to use as their preferred payment method in the Zapper app by selecting "Link bank account" from the "Payment methods" settings.
Zapper customers can connect their Absa, Capitec, FNB, Nedbank, and Standard Bank bank accounts to the app via Stitch’s API.
Once an account has been linked, payment can be made in one click without logging in again.
According to the company, all user information is kept secure and encrypted in a vault hosted by Microsoft Azure. Stitch claims it and other websites that use its service only keep a randomly generated token representing the username and password.
So, when users return to make a future payment, this token is used to identify them, and their information is passed from the vault to the bank without the website having access to them.
In addition to its traditional scan-to-pay QR options for card payments — at physical points of sale or online — Zapper says merchants can accept some alternative payment methods.
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Examples are vouchers, mobile wallets, and third-party options integrated into the Zapper network, like Instant EFT, Buy Now, Pay Later, and cryptocurrency wallets.