To boost sales volume and order value, EFT Corporation has integrated Happy Pay’s innovative Buy Now, Pay Later (BNPL) service into its hosted checkout platform.
This development will allow EFT Corporation clients to add this expanded payment functionality to their payment options at checkout, offering merchants across South Africa expanded payment flexibility for their e-commerce customers.
The service is facilitated through the EFT Corporation’s technology stack, providing a seamless user experience that requires no additional development.
The process is seamless for merchants and consumers alike. If the merchant enables Happy Pay via EFT Corporation’s platform, the option appears at checkout as a payment method.
After clicking the button and registering with Happy Pay, an AI-driven approval system assesses affordability and processes credit approval in mere minutes.
The buyer’s first instalment, which is 50% of the total amount, is due on their first payday post-purchase, and the remaining 50% is then paid on their next payday.
EFT Corporation and its clients take on none of the risk, with EFT Corporation facilitating the interaction between the consumer and Happy Pay in its built environment. Happy Pay is responsible for onboarding the consumer, settling the full amount with the merchant, and collecting any additional payments directly from the consumer.
“Clients doing e-commerce transactions with us already have various payment methods available, such as capturing card details, using Scan to Pay online, instant EFT Solutions, and more.
“But because the BNPL market is growing so rapidly, and consumers are starting to expect it, we wanted to be able to also offer this option to our clients,” the Chief Commercial Officer at EFT Corporation, Ms Catherine Korsten, stated.
“Happy Pay’s model has been tailored to meet local needs, aligning with monthly income cycles in South Africa.
“This allows consumers to make purchases and split the cost over two interest-free payments scheduled around their personal paydays – without the need for upfront deposits. It is a transparent, fee-free alternative to traditional credit, and one that resonates with the realities of South African consumers,” Ms Korsten added.
The chief executive of Happy Pay, Mr Wesley Billett, said, “Buy Now, Pay Later, when designed correctly, can help bridge the financial inclusion gap by offering a genuine alternative to high-interest retail credit and payday loans. Traditional credit models rely on outdated scoring and charge consumers heavily just to access credit.
“At Happy Pay, we flip that model. We use realtime affordability data to offer cost-free instalments to consumers, funded by the value we deliver to merchants through increased conversion, higher basket sizes, and new customer acquisition.”
“This approach allows us to offer cost-free instalments, helping consumers avoid debt spirals while giving merchants a powerful growth tool. It is a more inclusive and sustainable model for consumer finance, one that saves South African households millions in interest and fees each year,” he added.