Zapper and Stitch team up to digitize payments directly from linked bank accounts

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Zapper users can now link their bank accounts in its app to pay merchants by scanning a QR code, the company announced.

The company has added instant EFT payments using the Stitch LinkPay application programming interface.

This complements Zapper’s support for debit and credit cards and Ozow Instant EFT payments.

Previously, Zapper customers had to log into their bank account each time they initiated an instant EFT payment.

Stitch allows Zapper customers to link their Absa, Capitec, FNB, Nedbank and Standard Bank bank accounts to the app via its API.

“Our work with Stitch continues our commitment to ensuring that Zapper merchants can offer as many payment options as possible,” said Zapper CEO Brett White.

“By providing a simple and secure instant EFT option, customers can now continue to use their preferred scanning method to pay without the need for a bank-issued card.”

White said that in a tougher economy, Instant EFT helps consumers keep tight control over their balances.

“We also see this as another way to help remove barriers to payment for our merchants, who also need all the benefits of this economy,” he said.

Stitch launched LinkPay in April 2022, claiming to be the first product in Africa to offer one-click instant EFT payments.

To link an account in the Zapper app, customers select “Link Bank Account” in the “Payment Methods” settings.

There is also an option to set it as your preferred payment method.

Users are prompted to select their financial institution and log into their bank account using their online banking details.

After authorizing with multi-factor authentication, such as an in-app approval or OTP, the account will be linked and any future payments can be made in one click without logging in again.

Stitch has assured MyBroadband that the banking information requested by its system is secure.

“We don’t share usernames and passwords with anyone,” a spokesperson told MyBroadband.

“All user details are stored in a secure and encrypted vault hosted by Microsoft Azure.”

Stitch explained that he and the websites that use his service only hold a randomly generated token representing username and password.

“When users return to make a future payment, this token is used to identify them, and their details are then passed from the vault to the bank without the website having access to them,” he said. .

“We also perform regular penetration testing using external CREST-certified vendors to ensure that our systems follow the strictest security practices available and are protected against attacks.”

Stitch CEO Kiaan Pillay said that with LinkPay, Zapper could provide a significantly better experience for customers paying through Instant EFT.

Pillay explained that Instant EFT is cheaper for sellers.

“When more customers choose to pay through Instant EFT, [merchants] save on expensive card fees and fraud-related fees,” Pillay said.

Along with its traditional scanning QR options to pay for card payments — at physical outlets or online — Zapper said merchants can accept several alternative payment options.

These include vouchers, mobile wallets, and third-party options integrated into the Zapper network, including Instant EFT, buy-now-pay-later, and cryptocurrency wallets.


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