E-commerce payment companies rebrand under PayFast

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Three of South Africa’s major online payment service providers (PSPs) will now fall under one brand.

The move, announced on Tuesday, will see the PayGate and SiD brands disappearing, with PayFast representing the full offering under one brand.

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The branding overhaul comes 15 months after Cape Town-based DPO Group – which owned PayFast, PayGate and SiD – was acquired by Dubai-based IT giant Network International for an undisclosed amount.

PayFast says the rebrand and new website, which was set to go live at midnight on Tuesday, will allow merchants to interact with a single entity, while dealing with familiar products and systems offered by all three brands for regular day-to-day operations.

Indicating the growth in e-commerce, PayFast notes that online retail passed the R50-billion mark in 2022.

Read: Online retail sales pass the R50bn mark: study

It says it intends to leverage the skills, technology, and ideas of the consolidated workforce to boost e-commerce opportunities and capabilities for merchants.

“By combining the capabilities of three of South Africa’s biggest e-commerce players under one powerful entity, we have strengthened our ability to deliver on our promise to partners – which is to do everything we can to unleash their growth potential,” says PayFast MD Brendon Williamson.

“We’ve created an environment where some of the industry’s top minds can share ideas and work together towards innovation in the payments sector,” he adds.

He says at an industry level, the partnership will enable the PSP to ensure that local e-commerce remains on par with international trends.

On the consumer front, he says the rebrand aims to facilitate convenience when transacting online, while offering effective solutions through the push from its acquisition partner.

“Our merchant base and consumers have been waiting for the next big thing,” says Williamson.

“From the growth of e-commerce and cashless transactions to the rise of digital nomads, the world has evolved. Similarly, the PayFast brand had to evolve. We are driven by change that has already taken place in the industry, to push further innovation for the future.”

He says PayFast’s partnership with Network International means the PSP will now have access to various international partners.

“This means we get insight into acquiring a business directly, as opposed to going through a third party – which is powerful for us as a payment service provider.”

Chris Wood – Network International regional MD of Southern Africa and Palops (Portuguese-speaking African countries) – says PayFast will continue to be a key role player in emerging e-commerce trends, including accommodating the hybrid merchant who conducts payments both online and offline.

He says the new PSP group also intends to participate in the social commerce space where businesses conduct transactions on social media platforms such as WhatsApp, Facebook and TikTok.

Wood says the company hopes to reduce the barriers to entry for smaller players while merging the payment industry bodies to further enhance e-commerce solutions in the region.

Read: Online shoppers warned against making instant EFT payments

Nondumiso Lehutso is a Moneyweb intern.

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