Peach Payments is a financial solutions company responsible for processing more than 1 billion Rand already and has spread its tentacles into Nigeria. With the mobile banking markets rapidly expanding and e-solutions becoming a fast growing industry in the country, Peach Payments sees Nigeria as an ideal market for its services.
The entry of Peach Payments into the market however, means that they face stiff competition from other indigenous online payment solutions outfits. However, Peach Payments believes that they can successfully penetrate the market due to their unique solutions. In South Africa, Peach Pay already has over 200 online merchants using their flagship program, PaySafe.
Peach Payments say that the appeal of the program is that businesses that are not online but still want an online payment facility can use it. As such, entrepreneurs, SME owners and other freelancers can simply email clients who will be able to click and pay online, with safe, easy payments guaranteed.
Co-founder Rahul Jain told African Business Communities that, “Peach PaySafe allows users to improve their cash flows and dramatically reduce administrative costs associated with collecting payments whilst making the transaction much safer.”
In addition, Jain says that PaySafe addresses the big challenge of payment platforms designed specifically for emerging markets in developing countries. Another appeal of PaySafe is that it lows businesses to accept payments across all channels – website, mobile sites and mobile apps (iOS, Android, etc.). It gives them access to all payment methods including credit/debit cards, bank transfers, mobile wallets, electronic wallets and mobile operator billing.
The founders also say that users do not have to leave their merchant’s website to a payment site as the payment widget is already integrated into the site at the checkout point, with allowances made for customers to choose whether or not to store their details for future use, making single click recurring payments possible.
It is yet to be seen whether the company’s selling points will actually entice enough Nigerian businesses for the expansion to succeed.