Absa in partnership with Ozow are introducing Absa Pay, a new payment solution, it said in a statement.
By integrating Ozow’s platform with Absa Pay, both companies aim to improve the digital payments ecosystem.
“This alliance is facilitated through South Africa’s leading proprietary open banking-payments interface, reflecting a significant shift in how South Africans interact with their banks and conduct transactions,” they said.
Open banking, which allows third-party developers to create apps and services around financial institutions, offers safer and more user-friendly payment options.
According to the World Pay Global Payments Report 2024, Pay-by-Bank is the second most preferred method for e-commerce purchases in South Africa, capturing 22% of the market share – just 2% behind debit-card payments.
Absa Pay provides a fast, simple user experience. It guarantees settlements (subject to Absa’s processes), facilitates automated reconciliation, and ensures increased uptime through bankside-monitoring.
Absa said when a payment was initiated on the Ozow platform, customers choosing Absa Pay as their preferred payment method were seamlessly directed to a secure Absa portal.
It explained, “Here, they interact directly and securely with their bank to complete the transaction before being swiftly redirected back to the Ozow platform.
“What sets this process apart is the fact that all client banking credentials are handled directly with their bank in a secure, familiar environment.”
Subash Sharma, Absa’s chief digital officer of everyday banking said: “We are excited to introduce this payment solution to our approximately 3 million digitally-active customers. This is a significant development in the right direction for the bank as we continue to prioritise our customers’ financial well-being through our quality products, services, and solutions.”
Coenie Louw, Ozow’s head of technical operations said, “We are thrilled to partner with Absa to launch the Absa Pay…This is a milestone in our mission to provide innovative and inclusive financial solutions that meet the changing needs of our merchants.”
BUSINESS REPORT