Stitch and Ozow have partnered with Absa Bank to launch Absa Pay, a cutting-edge payment solution for enterprise merchants.
Under this collaboration, Stitch will integrate Absa Pay along with other major bank APIs like Capitec Pay and Nedbank Direct API into its “pay by bank” solution. This initiative aims to meet the rising demand for seamless, secure, and efficient payment experiences among South African consumers.
Stitch highlights that “pay by bank” is rapidly becoming the preferred payment method in South Africa, offering speed and enhanced security. Now, Absa customers can make direct payments from their accounts to any Stitch merchant, simplifying transactions without the need to share banking details online.
Absa Bank’s introduction of direct APIs marks a significant stride in enhancing digital payment ecosystems. These APIs enable secure communication between customers’ banks and online merchants, bolstering fraud prevention measures and ensuring a seamless online banking experience.
“We’re thrilled to introduce Absa Pay to our digitally-active customer base,” shares Subash Sharma, Chief Digital Officer at Absa Everyday Banking. The partnership with leading fintech firms underscores Absa’s commitment to leveraging open banking technology for safer and more convenient online transactions.
Junaid Dadan, President of Stitch, emphasizes their role in enhancing digital infrastructure to empower clients with cutting-edge payment solutions. This collaboration aims to drive broader adoption of digital payments, advancing South Africa’s digital economy.
Coenie Louw, Head of Technical Operations at Ozow, expresses excitement about partnering with Absa to launch Absa Pay. This innovative solution harnesses open banking’s potential to deliver fast, secure, and user-friendly payment options, enriching the digital payments landscape in South Africa.
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