EBANX, a Brazilian technology company focused on payment solutions for emerging markets, has integrated Capitec Pay, South Africa’s leading open banking-based, real-time payment method.

This is EBANX’s first open banking solution outside Brazil and makes it one of the first global PSPs to offer Capitec Pay for cross-border e-commerce.

Capitec Pay, developed by Capitec Bank, is South Africa’s first large-scale open banking account-to-account (A2A) payment system.

Through EBANX, international merchants in online retail, subscriptions, streaming, gaming and SaaS can now offer this payment option to South African consumers.

“South Africa stands out as one of Africa’s fastest-growing digital markets, with a digital commerce penetration rate of 73% and an expected annual growth rate of 18% through 2027,”

said Wiza Jalakasi, Director of Africa Expansion at EBANX.

“By integrating Capitec Pay, we are increasing access for over 20 million South African consumers to global digital commerce,”

added Jalakasi.

Capitec Pay reaches 24 million users, including 13 million mobile app users. Only 10% of South Africa’s adults have used a credit card, according to the World Bank.

EBANX reports that Capitec Pay has a payment conversion rate above 85%, higher than most credit cards and alternative methods.

“Our partnership with EBANX marks a significant step in democratising access to global digital commerce for South Africans,”

said Chris Zietsman, Executive Head, Capitec Business Payments.

Capitec Pay uses secure APIs and customer consent to initiate real-time payments directly from bank accounts without cards.

Its Variable Recurring Payments feature allows secure recurring payments.

“Open banking is one of the most transformative trends in financial technology,”

Jalakasi said.

“Capitec Pay stands out for its consumer-first design and technical integrity.”

With Capitec Pay, EBANX now offers Instant EFTs, debit and credit card payments, and open banking A2A transfers in South Africa.

Payments are authenticated via the Capitec app, reducing fraud risk and processing costs.

The integration will feature at the 8th EBANX Payments Summit from 17 to 20 September in Mexico City, where Chris Zietsman will speak on real-time, cardless payments in South Africa.

Featured image credit: Edited by Fintech News Africa, based on image by diloka107 via Freepik