TechInAfrica – An instant EFT payment service provider, i-Pay, has announced that it changes its name to Ozow Secure Payments. In order to celebrate their new name, Ozow offers emerging businesses and non-profit organizations to access its gateway for payments and donation for free.
These emerging businesses include businesses run by youth entrepreneurs and SMEs that process under R1 million in online transaction per month. This free access will last for 12 months.
Thomas Pays, CEO of Ozow Secure Payments, explained: “By zero-rating the costs of accepting this form of payment, we are presenting more entrepreneurs the option of establishing their own businesses, which means more opportunity for financial autonomy, job creation, a competitive retail environment, consumer choice, and an entrepreneurial, diverse economy.”
Ozow’s service is applied in six major banks in South Africa, including Absa, First National Bank, Nedbank, Standard Bank, Capitec and Investec.
According to Pays, both merchants and consumers will experience the advantages of automated EFT payments, especially on shopping seasons like Black Friday and Christmas where SA’s online retailers encourage consumers to use alternative payment methods like EFT in order to maintain service and meet high customer’s demand.
“EFTs are reliable, quick and completely trusted and secure. Our merchants have reported that consumers are embracing them over more traditional methods such as credit or debit cards, particularly during busy shopping periods,” Pays said.
Besides being available in South Africa, Ozow’s EFT service is also available in Namibia with future plans to expand to Mauritius and Ghana this end of the year. Furthermore, in 2020, the company also plans to expand its service to Nigeria and Kenya.
“As technology and the digital economy evolve, we need to keep leading innovation. We look forward to sharing new services and innovations with local and African merchants and consumers,” Pays concluded.