Online payments

If you are an eCommerce merchant juggling the complexities of online payments? You’re not alone!

In a recent discussion with a leading South African eCommerce person highlighted some key concerns that keep merchants up at night:

• Safeguarding against risk and fraud: The surge in transaction volumes, especially during peak seasons like December and January, requires constant vigilance and robust security measures. International card fraud is a particular worry, with merchants needing to balance security with the desire to serve legitimate customers using foreign cards.
• The ever-evolving payments landscape: New payment methods emerge, customer preferences shift, and pricing models change, requiring merchants to adapt quickly and offer a variety of options.
• Maintaining high uptime and conversion rates: Ensuring that payment systems are reliable and efficient is crucial for providing a seamless customer journey and maximizing revenue. Having alternative processing options and failover mechanisms in place is essential to minimize downtime.
• Balancing customer experience with security: Customers have their favourite payment methods and providers, and there is a fine line in balancing optionaity and security with the simplicity of the customer experience .
• Keeping up with technology: New innovations like network tokenization with Visa and Mastercard offer enhanced security and a seamless experience, but merchants need to stay informed and implement these technologies effectively.

It’s clear that being a merchant in today’s digital world requires agility, resilience, and a deep understanding of the payments ecosystem. What are your biggest payment-related challenges? A problem shared is a problem halved.

To optimise customer experience and revenue, it’s crucial to understand local payment preferences.

Here’s a closer look at what’s trending:

• Vouchers: Vouchers are a dominant force, particularly a customised own bepoke merchant voucher, with smaller denominations often being most popular.
• Instant EFT (Electronic Funds Transfer): A significant payment method due to its favourable costing.
• Credit and Debit Cards: While still important, debit cards more common than credit cards for the lower LSMs, the card market is being eroded by alternative payment methods.
• Capitec Pay: Has grown significantly in popularity.
• PayShap: A more general, instant banking model to debit bank accounts using a mobile number.

Key takeaways:

• Local nuances matter: Payment preferences vary significantly based on vertical.
• Diversification is key: Offering a range of payment options caters to a broader customer base to increase conversion rates.

Diversify your payment options and improve the customer experience?

Let’s discuss how to navigate the South African payment landscape effectively! 

#SouthAfrica #Payments #Fintech #eCommerce #Vouchers #InstantEFT

There was a massive data breach where over 1 million credit card details that were leaked on a deep web forum. This included sensitive information like card numbers, expiry dates, CVV, and even personal details like names, addresses, and phone numbers. This is a stark reminder of the risks we face in the digital age.

So, how can we protect ourselves and our customers?

Tokenization is a key solution. Both Visa with its Visa Token Service (VTS) and Mastercard with its tokenization services replace sensitive card details with a unique digital identifier, or “token”. This means that your actual card information is never shared when you make a purchase online, in-app, or in-store.

Benefits of tokenization:

• Reduced Fraud Risk: Tokens protect sensitive information from theft and fraud.
• Enhanced Security: Higher approval rates due to lower fraud risk. Cryptograms add another layer of security with a unique value that verifies each transaction.
• Seamless Experience: Tokenisation simplifies the consumer purchasing experience. If your physical card is lost or stolen, you can continue to use your tokenised card while waiting for a replacement.
• Versatile Usage: Tokens can be used in-store, in-app, and online to make secure digital transactions.

We are completing the integration of these tokenization services and will soon make them available to merchants! We’re committed to providing cutting-edge payment solutions that prioritise security and customer experience. 

Let’s work together to create a safer payment ecosystem. 

#tokenization #datasecurity #cybersecurity #visatokenization #mastercard #paymentsolutions

Thank you to The PayPers for inspiration 

https://thepaypers.com/digital-identity-security-online-fraud/illegal-marketplace-allegedly-releases-1-million-credit-cards-on-a-deep-web-forum–1272464

Another model of Agentic payments for eCommerce

AI Agents using stored credentials you approve. This is like having an assistant who asks for approval before paying. The agent uses securely stored card information, pre-populating details for a smoother experience. While offering a better user experience, it still gets stuck on the payment screen.

Google, take note: Chrome should be doing this already!

#AgenticPayments #AI #Fintech #CheckoutModel2

Thank you to Fintech Brainfood for inspiration https://www.fintechbrainfood.com/p/four-models-agentic-payments

AI is revolutionising the checkout experience, making it almost obsolete. Here are four models of agentic payments that are changing how we transact. From AI agents performing checkouts with human input to those with their own stablecoin wallets, the future of payments is agent-centric, more programmable and less visible to the end-user. Is your business ready for the shift?

There are four agentic payment models:

• Model 1: Human-in-the-Loop. The AI agent assists with online tasks but requires manual card information entry at the checkout page.
• Model 2: Stored Credentials. The AI agent uses pre-populated card details that are securely stored, needing user approval before payment.
• Model 3: Virtual Card. The AI agent is given a virtual card with a budget and spending controls to make autonomous payments.
• Model 4: Stablecoin Wallet. The AI agent has its own wallet with cryptocurrency to conduct transactions independently, enabling seamless payments.

Thank you to Fintech Brainfood for inspiration https://www.fintechbrainfood.com/p/four-models-agentic-payments

#AgenticPayments #AI #Fintech #Innovation

In the evolving world of eCommerce, payments are only one part of a complex ecosystem.

The modern customer expects seamless, convenient, and secure transactions.

To excel in the African market, you need a holistic platform that addresses not only payments but also wider functionalities like identity verification and data analytics. African Payment Solutions provides an all-in-one solution that integrates payment orchestration, robust security, and customer insights.

By leveraging our platform, you can tailor your approach to diverse customer needs and make informed decisions that drive revenue.

Our commitment to a comprehensive approach ensures your success in the diverse and dynamic African eCommerce landscape.

Ready to elevate your eCommerce business with a holistic payment solution?

Contact us today to explore our comprehensive platform designed to drive success.

#eCommerce #Payments #Africa #FinTech #DigitalTransformation #PaymentOrchestration #DataAnalytics #BusinessGrowth

• Stability: In countries facing currency devaluation, stablecoins provide a reliable store of value.
• Global access: Stablecoins facilitate international trade and access to global markets, even for those outside of traditional banking systems.
• Low transaction costs: Stablecoin transactions are typically cheaper than traditional bank transfers.
• Faster settlements: Settlement times with stablecoins are usually faster, improving cash flow for businesses.
• Cross-border simplicity: Stablecoins streamline cross-border transactions, making it easier for businesses to operate across African markets.

Benefits for eCommerce Merchants:

• Reduced currency risk: Merchants can minimize exposure to currency fluctuations, making pricing and financial planning more predictable.
• Wider customer reach: Stablecoins can help businesses reach customers who may not have access to traditional banking services.
• Simplified payments: Accepting stablecoins can simplify cross-border payments, helping merchants operate more effectively in multiple African markets.

Contact us on info@africanpaymentsolutions.com if you want to move money more effectively via stablecoins

#stablecoins #ecommerce #Africa #payments #fintech #digitalcurrency #crossborderpayments #innovation #crypto

• The payments landscape is evolving, with fiat and crypto converging.
• Cross-border remittances are the perfect example for crypto’s utility.
• As licensed PSPs, we are perfectly positioned to enable this money movement for merchants.
• We understand the compliance and regulatory challenges
• We provide you with solutions in both the fiat and crypto worlds.
• Bringing fiat and crypto together for a smoother and more cost effective merchant and consumer experience

• Tags: #Crypto #Cryptocurrency #Fiat #Fintech #Payments #CrossBorder #Remittances #PSPs #Regulation

At APS, we believe in transparency and strategic alliances. We’re not just building payment solutions; we’re building a network of trust.

With 20+ year’s experience, we’re navigating complex relationships with key partners in banking, mobile money, compliance, remittances.

By being direct and open, we ensure our clients get the best possible service. Our approach means we are working towards offering a dashboard for our partners to configure their own merchants, giving them greater control and flexibility.

Furthermore, our team’s adaptability means we are always sourcing and implementing the best solution for our clients, seamlessly, in the background, without any disruption to our clients’ smooth processing.

#StrategicPartnerships #PaymentSolutions #Transparency #FinTech #Innovation #CyberSource

Africa’s eCommerce landscape is exploding, with mobile money leading the charge. Did you know that mobile money processing volumes in Africa are estimated to double, reaching over USD 1.8 trillion by 2028? With only 5% of Africans having credit cards and less than 30% having bank accounts, mobile money is not just an option; it’s a necessity. To truly tap into this market, you need a partner that understands this shift. African Payment Solutions provides seamless integration with major mobile money platforms, enabling you to reach millions of previously inaccessible customers.

Our platform ensures your customers can transact using their preferred payment method, leading to increased conversions and a stronger market presence. Don’t let traditional payment limitations hinder your growth.

Ready to embrace mobile money and unlock Africa’s vast consumer market? Contact African Payment Solutions today to learn how we can help you tap into this fast-growing sector.

#MobileMoney #Africa #eCommerce #Payments #FinTech #DigitalPayments #EmergingMarkets #Growth