The integration of these two payments methods will enable merchants to reduce checkout abandonment and fraud via seamless and secure authentication, further solidifying PayU’s Payment Service Provider (PSP) position in the region.
Capitec Pay is a payment solution that enables shoppers to make online payments directly from their Capitec bank account, without using a payment card as an intermediary. Capitec is one of the largest retail banks in South Africa with 11 million digital banking clients. By integrating Capitec Pay via the Open Banking payment API, consumers and businesses will be able to easily access simple, safe, and convenient payment solutions.
With Capitec Pay integrated into PayU's checkout page, merchants can reach this audience of 11 million digital banking customers and offer a seamless payment experience without redirecting shoppers. Capitec Pay's product roadmap also includes automatic reconciliations that will make transactions hassle-free for merchants.
Mastercard Click to Pay is an integrated checkout solution for consumers who are seeking secure, simple, and fast online payment options. Available across multiple devices including mobile phones and computers, and different browsers, it’s embedded directly within merchant checkout flows so all cards can be managed in a single secure profile and automatically updated. The guest checkout journey is faster and easier, as the consumer can select an already saved card, without the need to manually re-enter the cards details.
By using tokenization technology, Click to Pay helps merchants improve their approval rates, reduce fraud, and deliver a better payment experience to their customers. The launch of Click to Pay reinforces Mastercard’s commitment to growing the financial ecosystem through various digital payment options, offering increased security and peace of mind for everyone, everywhere.
According to Experian’s Global Identity and Fraud Report, fear of fraud is top of mind for ecommerce merchants with 93% stating they are concerned about fraud. A further 81% revealed their concerns increased in 2022. The study demonstrates that merchants need innovative payments solutions that are faster, convenient, and secure to improve the security and experience of the customer journey. Online fraud risk and merchant liability increases the risk of costly dispute resolution processes, negative customer experiences, chargebacks, and lost sales as a result of online transactions.
PayU’s officials said the threat of ecommerce fraud is not unfounded, as global losses are forecast to exceed USD 48 billion in 2023. To overcome these challenges, merchants need innovative checkout solutions that offer security. Using these innovative payment methods, PayU merchants can provide a more inclusive and improved online shopping experience for their customers. With these solutions, global and large businesses can reach more consumers and build loyalty by offering their preferred payment methods, leading to more sales.
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