The Cashless Payment Revolution

Online since 8.02.2016 • Filed under Industry news
The Cashless Payment Revolution

Cold hard cash is becoming a thing of the past, with endless cashless payment options becoming available on the market. Nowadays, notes and coins have lost their status and significance, and are rather seen to be cumbersome, pricey, old-fashioned, and unsafe to have on-hand. Could cash be becoming obsolete? With the untimely demise of personal cheques, upsurge in the use of debit and credit cards, cashless payment innovations are ultimately creating a cashless society before our very eyes.

Studies have shown that cash has the potential to cost the South African economy between 0.5% and 1.5% of GDP (gross domestic product), dependent on the market, and this could have a detrimental effect on our fragile economy.

Introducing i-Pay Payment Solutions, a giant advance for the tech business industry that is revolutionising EFT payments.

French-born entrepreneur and Just Perfect Digital CEO, Thomas Pays founded the innovative tech business. i-Pay has recently announced a collaboration with leading online payments service provider PayU for the roll-out of an automated Electronic Fund Transfer (EFT) solution that will enable South Africans to make instant and secure EFT payments when shopping online.

i-Pay enables e-commerce businesses to provide a way for their clients to purchase goods and services from their website without the use of a credit card. Payments are made via EFT through the user’s online banking, and the money is paid directly into the business’s bank account instantly. It’s safe, secure and convenient for both merchants and customers alike.

Electronic payment methods are becoming increasingly sophisticated, but i-Pay offers a simple and ideal solution. i-Pay guarantees the highest level of security when paying online, and with the extreme statistics of credit card fraud in South Africa, a big sigh of relief will be the unanimous reaction. The innovative payment solution can be utilised wherever the option is available on an e-commerce website, and one can choose to pay with PayU EFT Pro. Following this, one selects their bank and completes the simple, guided process to make a payment through the bank directly to the business.

When using the PayU EFT Pro Service, powered by i-Pay, the contact between you and your bank transpires as it ordinarily would – i-Pay simply eases and facilitates the transaction between you and the business. No personal or financial data is stored, other than one’s bank account number in the event that a refund needs to be processed.

To get started today, contact PayU on www.payu.co.za/eft-pro or 08611178, or to find out more about i-Pay, visit www.instanteft.i-pay.co.za.

 

 

 

 

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