- Float, Adumo, and other fintechs form an alliance to drive seamless in-store instalment options.
- The collaboration expands Float’s BNPL solutions to physical stores.
- The alliance positions homegrown players to meet growing consumer demand for flexible payment options.
South African fintechs are teaming up to simplify in-store instalment payments, signalling a growing trend of collaboration in the country’s financial technology sector.
Buy Now, Pay Later (BNPL) provider Float has announced a strategic partnership with Adumo, a leading independent payment processor. The alliance will allow shoppers to split their in-store purchases into interest-free instalments using their existing credit cards, without the need to apply for new credit lines or accounts.
The partnership brings together Float’s digital BNPL platform with Adumo’s extensive in-store payment terminal network, which services over 50,000 merchants in South Africa. Through this collaboration, retailers can now offer instant instalment options at the point of sale, improving affordability for customers and potentially boosting basket sizes for businesses.
Founded in 2021, Float enables consumers to divide purchases into up to 24 monthly payment instalments using their existing Visa or Mastercard credit cards.
Unlike traditional BNPL models, Float doesn’t issue new credit; customers activate the service via a mobile platform linked to their existing bank accounts.
“Float’s card-linked instalment model is fast becoming a pervasive payment method for shoppers across South Africa. This partnership with Adumo will further our footprint and ensure that millions of credit card holders can split their purchases over several months, without incurring any added interest,” said Alex Forsyth, Founder & CEO of Float.
Adumo’s terminals are already present in major South African retailers including Safari Outdoor, Verimark, Cellucity, TOMS, Vision Optometrists, and Tyremart. This integration significantly boosts Float’s reach, building on its presence in over 1,500 stores such as iStore, Samsung, and Cape Union Mart.
With economic pressures rising and consumers seeking more flexible ways to manage spending, demand for accessible instalment payment options is expected to grow. By uniting, South Africa’s fintechs are positioning themselves to meet this demand while keeping homegrown innovation at the centre of the payments landscape.
