Stitch

Since introducing Apple Pay as an option, Stitch merchants saw their conversion increase from 77% on card to 94% on Apple Pay. In addition, 20% of transaction volume was conducted via Apple Pay at launch. Demand from consumers, and the boost in conversion, is clear. Merchants that don't offer digital wallets including Apple Pay will soon fall behind. Learn more about our digital wallets solution here: https://lnkd.in/dfcarFju

"One common friction point for South African consumers is the need to repeatedly enter card details for online transactions." Eliminating friction for card payments is essential for boosting conversion rates. Stitch has done a lot of work to make card payments as seamless and reliable as possible. One of the ways we achieve this is by tokenising card details, securely storing them on behalf of merchants. This means that, for returning customers, payment is just a click away. Card payments are the most popular digital payment method in South Africa. Here's a refresher on the basics of card payments from Stitch Product Manager Joshua Gordon, including how the four-party model works. https://lnkd.in/drwK8Ykt

"We need to stop thinking about eradicating cash. We need to start creating 'cash and...'." At the Stitch Scale Summit in October, experts in the fintech regulatory and compliance space Shanice Gounden (PASA - Payments Association of South Africa), Nolwazi Hlophe (She/Her) (FSCA South Africa), Lerato Lamola Esq. (Webber Wentzel) and Stitch Compliance + Regulatory Lead Kathryn Santana shared their thoughts on the implications of new financial technologies – particularly in the context of South Africa's socioeconomic landscape. Here's what they discussed: 📌 Cash is (still) king. Despite the growth of digital payments, cash remains dominant in South Africa, with 56% of all payments still made in cash. This underscores the importance of creating regulatory frameworks that enable fintech solutions to integrate with, rather than eradicate, cash-based systems. 📌 We're not there yet when it comes to financial exclusion. 31% of South Africans are still excluded from technology platforms and digital payment methods due to structural and financial barriers. This emphasises the need for regulation that encourages innovation while ensuring accessibility for underserved populations. 📌 The connection between open finance and digital literacy. While open finance holds promise for financial inclusion, low digital literacy in South Africa could exacerbate exclusion. 📌 AI regulation is in the works. South Africa is in a nascent stage in developing AI regulations, with the FSCA currently conducting a landscaping study on AI in finance to inform policy development. Regulators must establish clear principles for responsible AI development and deployment. The interplay between regulation and compliance is critical for fostering a fintech ecosystem that is both innovative and inclusive. Watch the full discussion here: https://lnkd.in/ekhujGKv

"Stitch's card offering is focused on maximising acceptance rates for merchants by optimising the user journey on their card flows." The ability to efficiently and sustainably improve card payment success rates and minimise barriers for the user is critical at the volumes of transactions processed by enterprise merchants. For example, 3DS authentication, which is designed to enable secure card transactions, can also become a barrier to a fast, seamless payments experience. As a result, businesses need to balance payment success with the need for security. Stitch President Junaid Dadan and Product Manager Joshua Gordon explain how we work closely with merchants to tailor authentication that suits their needs by implementing intuitive payment flows that minimise risk and maximise acceptance rates: https://lnkd.in/exhBwR2f

“Having a strong team - but more importantly a team that has been through the tough times in the trenches with you - is so important and not talked about enough. This has been key to resilience for us.” Stitch CEO and co-founder Kiaan Pillay shared his thoughts on resilience as a fintech in Africa at Visa’s fintech accelerator demo day in Cape Town today, alongside Clayton Hayward and Leila Serhan. Thanks again for having us and cheers to the latest Visa fintech cohort!

It's one of the biggest days of the year for retail businesses in South Africa. Bizcommunity.com reports that total Black Friday direct retail gains are estimated to amount to around R22bn over this period, with most gains coming from consumers buying necessities rather than luxuries. The vast majority of shoppers are predicted to take advantage of deals online. “The last two months of the year are an opportunity for agile, forward-thinking retailers to grow by outsmarting their competitors,” notes Steven Heilbron, CEO of Capital Connect.   One of the most effective ways to remain ahead of competition is through a reliable, seamless and cost-effective payments solution. Today we're doubling down on client support and keeping our platform infrastructure strong to ensure our merchants can keep their customers happy and funds flowing during Black Friday weekend and beyond. https://lnkd.in/dQtr_bfP

BankservAfrica recently announced the coming launch of PayShap Request, the latest instant payments innovation. What is PayShap Request, or Request to Pay (RTP), and why is this important for the South African market? Leveraging RPP rails, PayShap Request will “allow individuals, businesses and even informal traders to send a request for immediate payment”. PayShap Request will support person-to-merchant (P2B) payments, as well as person-to-person (P2P) payments. PayShap requests are sent in real-time, and once approved, get paid instantly. To pay with PayShap Request on a merchant site that offers RTP, the customer simply enters their ShapID and authenticates the payment via their bank. Stitch leads the way today in Pay by bank solutions in South Africa, and are collaborating with the market’s leading banks that will be critical to bringing PayShap Request to life. Read the latest on our blog to learn more about PayShap Request and the impact it's poised to have on the evolving South African payments ecosystem: https://lnkd.in/e529Xev5

We've partnered with one of South Africa's leading courier service providers, The Courier Guy, to enhance their payments experience. Operating for over two decades, handling millions of packages a year and assisting thousands of businesses and consumers daily, The Courier Guy and its smart locker delivery system Pudo, has retained its position as the go-to courier service within the South African market and beyond. "I am pleased to celebrate our successful partnership with Stitch as a payment provider that shares our vision for innovation and efficiency. Together, we’ve simplified transactions, enhanced customer experiences, and driven growth. This collaboration exemplifies the power of teamwork in creating secure and scalable solutions for our customers." - Craig Pitchers, The Courier Guy CEO Now, The Courier Guy and Pudo customers can seamlessly pay for delivery services via Stitch.

"We need to use best-in-class financial technology - and that’s where Stitch comes in." - Caroline van der Merwe, Jem HR Co-founder and CPO The team at Jem HR is on a mission to digitise HR services and ensure all South African workers have fair access to their earned wages when they need funds. To do this, Jem enables businesses to give employees access to a portion of their earned-but-unpaid salary/wages before payday. It’s a non-credit alternative to help employees cover financial emergencies without falling into a debt trap. Today, Stitch works with Jem across all their payments needs - from 24/7, instant payouts to a payout facility that enables the Jem team to ensure they can send payouts even as they await monthly payment from the employers. See how Stitch and Jem have teamed up to make a tangible impact for over 120,000 employees through seamless payouts via earned wage access: https://lnkd.in/d8EBV63C Nonsuku Mthimkhulu Daniel Fabre Carel Chris van Dyk Dewald Müller Robert Lee Thea Sokolowski Kiaan Pillay

Online shopping gets a lot of hype, though brick and mortar shops still see significant traffic. What's next? Consumers are expecting a unified commerce experience that cuts across both. Retailers around the world are increasingly focused on enriching consumer experiences, both online and in-person, and today they have the technology and data to bring these experiences closer. A unified commerce platform enables retailers to deliver consistent, flexible experiences across online, mobile and in-store environments, ensuring they stay ahead in a dynamic market while reconciling all transactions across methods and channels in one place. Here, we outline how unified commerce works, its benefits and how to implement a successful strategy to ensure a seamless, efficient experience across all channels: https://lnkd.in/dz-vVWNP