Ozow And Capitec Introduce Capitec Pay, The First Payments API In South Africa
Ozow And Capitec Introduce Capitec Pay, The First Payments API In South Africa. In collaboration with Capitec, Ozow delighted to announce that it is introducing Capitec Pay, the first payments API in South Africa, now available through Ozow’s Pay by Bank platform.
This fundamental change to the payment system is aimed at enhancing the payment experience for Ozow’s merchants and users. This means Capitec customers using Ozow get an experience that is even faster and more streamlined at checkout.
Capitec Pay is a first for South Africa, and Ozow is thrilled to be taking on the challenge in collaboration with Capitec. Historically, APIs have been used for all things on the internet, from measuring the movement of markets to reading tweets. But they also have the potential to revolutionise the South African payments landscape. Globally, payment APIs have been used to power open banking initiatives. They’ve proven to be extremely effective and have empowered payments in the form of faster transactions, safer banking and better payment processes overall. Capitec Pay aims to bring these benefits to South Africa.
Using Capitec Pay through Ozow’s Pay by Bank means consumers no longer need to use their banking details. Capitec Pay identifies individuals using only their phone numbers, streamlining the payment flow. After putting in their phone number they’ll be redirected to the Capitec app, where they can accept the payment via Capitec’s two-factor authentication, which maintains the security that customers have come to expect from the company.
Ozow believes this is just the first step toward a more open banking landscape in South Africa, and it is excited to be at the forefront of it in collaboration with Capitec. Ozow is thrilled at working together with banking systems as a whole to drive greater financial inclusion, creating a simpler and safer payments ecosystem for everyone.
