Take A Sneak Peek At Africa’s Top Payment Gateways

You will be surprised to know that the on-demand mobile app economy is prompting over 22.4 million users annually to spend around $57.6 billion to get real-time services. Be it ordering food or booking a taxi ride-customers these days want a convenient and hassle-free experience. In order to lure customers with the best on-demand services in the market, business owners often introduce newer and better features. When we talk about mobility solutions, one such feature that drastically improves the customer experience is the ease of making payments at the end of the ride. Taxi business owners have identified this opportunity to delight their customers by integrating their taxi apps with multiple popular payment gateways of their regions.

What exactly is a payment gateway?

Payment gateway refers to an e-commerce service. This service verifies, accepts or declines direct payments or credit payments after processing them on behalf of business owners using secure internet connection. The integration of payment gateway holds benefits like making payment safe and secure which increases customer satisfaction. This increased satisfaction enables an increase in cash flow via repeat customers. The automation of payment procedures saves a lot of time and increases the speed of the transaction, thus, improving the overall customer experience.

Let’s have a look at the top payment gateways in Africa!

1) 2CheckOut:

This is an all-in-one monetization platform that maximizes business revenues and makes global digital sales easier. The company officially started in 2006 backed by a leading global equity firm. The company has augmented with 300+ employees and 17000+ active clients along with global offices in San Francisco and Atlanta. Instead of charging any monthly and setup fee, the company offers a low fee structure on per successful transaction basis. 2CheckOut offers customers three plans for hassle-free sellings:

  1. 2SELL: An easy way of selling globally and the charges are 3.5% + $0.35 per successful transaction.
  2. 2SUBSCRIBE: A plan for developing and boosting the business and the charges are 4.5% + $0.45 per successful transaction.
  3. 2MONETIZE: An all-in-one plan for selling globally and even developing and boosting the business. The charges are 6.0% + $0.60 per successful transaction.

2CheckOut support many online payment methods like:

–  Credit Cards                             – Debit Cards                                  – PayPal

 

2) PayFast:

Established in 2007, PayFast enables the user to instantly transfer money easily between online buyers and sellers. They accept various payment methods such as:

– Credit and Cheque Card                              – Instant EFT                              – Bitcoin                                                                                        

– ATM Debit Card                                            – Masterpass                              – SCode

– Mobicred   

The company doesn’t charge any setup and monthly fee but instead, they acquire fee for the transactions made. The charges for each of the payment method is as follows:

 

Payment Method
Fees (Excluding VAT)
Credit and Cheque Card
3.5% plus R2.00 per transaction
Instant EFT
2.0% (minimum R2.00)
Bitcoin
1.9%
Mobicred
3.5%
ATM Debit Card
3.5% plus R2.00 per transaction
Masterpass
3.5% plus R2.00 per transaction
SCode
4.5% plus R5.00 per transaction

3)M-Pesa:

M stands for Mobile and Pesa is a Swahili word for money. Started in 2007, this service is a wholly owned subsidiary of Vodafone M-Pesa Ltd (VMPL) in association with ICICI Bank. M-Pesa enables customers with the following services:

– Deposit and withdraw money                                   – Transfer money                                      – Pay bills                                                       

– Purchase airtime                                                        – Save money in a virtual account

The company charges for the transactions made on the basis of the amount being transferred and whether the payee is a registered user of the service. The company also charges for cash withdrawal.

 

4) Paystack:

Founded in 2015, Paystack automatically routes payments through the most optimal channels to ensure a successful transaction. The company enables customers to choose the mode of payment by facilitating with following features:

– Card                                                             – Bank Account                                                    – GTB 737                                                                 

– Visa QR                                                       – Mobile Money

The user is charged with zero integration and maintenance fee. Paystack just charges the customer on every transaction depending on whether the transaction is a local transaction or an international transaction.

– The charges for a local transaction is 1.5% + NGN100. N100 fee waived for transaction underN2500.

– The charges for an international transaction is 3.9% + NGN100.

– The charges of transfer of money are NGN50 per transaction.

 

5) EcoCash:

Launched in 2011, EcoCash is an innovative payment solution which enables users to complete financial transactions through mobile phones. The company enables users to transfer money across all network. Other features include:

–   Access loans                                     – Paying of bills                              – Withdrawal of money                                             

 – Deposit money                                 – Paying for goods and services locally and internationally

The company has no monthly charges, the users are charged on the basis of transactions initiated such as inquiries regarding bank balance, bank statement, changing of the pin, money transfer from bank to the wallet, etc.

 

6) Peach:

Founded in 2012, Peach enables simple, seamless, and secure transactions. The company provides customers with the tools and solutions they need for a digital secure network. Peach payments currently power business in South Africa and Mauritius. They are also planning to launch in Kenya, Nigeria and other countries of Africa shortly. The company enables various modes of payment such as:

– Visa                                          – Master Card                                              – PayPal                     

– MasterPass                             – Mobicred                                                   – American Express

Peach payment gateways facilitate in improving the user experience with the aid of embedding JavaScript widget on the page. The company even provides owners with the feature of monitoring and analysis of the transactions to gain critical insights into the business. The payment gateway is also PCI DSS Compliant (Payment Card Industry Data Security Standard).

 

The payment gateways that are integrated with a taxi dispatch software add a new level of security and speed to the transactions which result in hassle-free payments and happy rides. The level of ease and comfort keeps customers engaged and helps in retaining them. The increase in the rate of customer engagement further boosts business growth.

Looking for a taxi system software which is integrated with multiple payment gateways? Check out the JugnooTaxi dispatch software to manage your fleet, rides, and payments on a single platform.

 

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