Today PayU, the leading online payment service provider operating in over 50 emerging markets, announces the integration of two new payments methods – Mastercard Click to Pay and Capitec Pay. The integration of these payments methods will enable merchants to reduce checkout abandonment and fraud via seamless and secure authentication, further solidifying PayU’s position as the leading Payment Service Provider (PSP) in the region.
Capitec Pay is a pioneering payment solution that enables shoppers to make online payments directly from their Capitec bank account, without using a payment card as an intermediary. Capitec is the largest retail bank in South Africa with 11 million digital banking clients By integrating Capitec Pay via the Open Banking Payment API, consumers and businesses will be able to easily access simple, safe and convenient payment solutions.
With Capitec Pay integrated into PayU’s checkout page, merchants can reach this audience of 11 million digital banking customers and offer a seamless payment experience without redirecting shoppers. Capitec Pay’s product roadmap also includes automatic reconciliations that will make transactions hassle-free for merchants.
Mastercard Click to Pay is an integrated checkout solution for consumers who are seeking secure, simple and fast online payment options. Available across multiple devices including mobile phones and computers, and different browsers, it’s embedded directly within merchant checkout flows so all cards can be managed in a single secure profile and automatically updated. The guest checkout journey is faster and easier, as the consumer can select an already saved card, without the need to manually re-enter the cards details. By using the latest tokenisation technology, Click to Pay helps merchants improve their approval rates, reduce fraud, and deliver a better payment experience to their customers. The launch of Click to Pay reinforces Mastercard’s commitment to growing the financial ecosystem through various digital payment options, offering increased security and peace of mind for everyone, everywhere.
According to Experian’s Global Identity and Fraud Report, fear of fraud is top of mind for e-commerce merchants with 93 per cent stating they are concerned about fraud. A further 81 per cent revealed their concerns increased in 2022. The study demonstrates that merchants need innovative payments solutions that are faster, convenient, and secure to improve the security and experience of the customer journey. Online fraud risk and merchant liability increases the risk of costly dispute resolution processes, negative customer experiences, chargebacks, and lost sales as a result of online transactions.
Karen Nadasen, CEO, PayU Africa, says: “The threat of e-commerce fraud is not unfounded, as global losses are forecast to exceed $48 billion in 2023. To overcome these challenges, merchants need innovative checkout solutions that offer security. Using these innovative payment methods, PayU merchants can provide a more inclusive and improved online shopping experience for their customers. With these solutions, global and large businesses can reach more consumers and build loyalty by offering their preferred payment methods, leading to more sales.”
– ENDS –
About PayU
PayU is the e-payments and fintech business of Prosus, a global consumer internet group and one of the largest technology investors in the world. For the last 20 years, PayU has been a leading online payment service provider, operating in 50+ high growth markets, dedicated to creating cutting-edge financial services tailored to the needs of over 450,000 merchants and millions of consumers. Focused on empowering people through financial services and creating a world without financial borders where everyone can prosper, PayU is one of the biggest investors in the fintech space, with investments totalling over $1 billion to date.
As an online payment service provider, it deploys hundreds of payment methods and PCI certified platforms to process approximately 10 million payments every single day. It also specialises in innovative consumer and small business solutions that improve access to credit and banking services in markets that are underserved by traditional financial services providers.
For more information, please visit: https://corporate.payu.com/ Media contact: payu@missive.co.uk.
