EANBX, a global technology company focused on payment solutions, has recently partnered with Capitec Pay to offer Open Banking services for cross-border e-commerce in South Africa.

Capitec Pay Overview

Capitec Pay is an account-to-account (A2A) payment service provided by Capitec Bank, catering specifically to the South African market. This integration allows global merchants operating in sectors like online retail and subscription services—such as streaming, gaming, and SaaS—to offer a new payment option for their customers based in South Africa.

Open Banking Market in South Africa

The introduction of Capitec Pay by EBANX significantly expands the customer base for merchants. With 24 million users, including 13 million mobile app users, it represents a substantial portion of South Africa’s adult population (57%). By comparison, only about 10% of adults in the country have ever used a credit card, according to data from the World Bank.

The Open Banking market is projected to grow at a CAGR of 28.9% and reach USD 1.516.6 million by 2030, as highlighted by Grand View Research. Notably, banking and capital markets are currently the largest revenue generators within this segment.

Performance and Benefits

EANBX reports a high payment conversion rate of 85% for Capitec Pay transactions, which is attributed to secure APIs and direct real-time payments initiated by customers through their Capitec app. This service eliminates the need for shared financial details during online transactions, thereby enhancing security.

For merchants, integrating Capitec Pay reduces fraud risks, speeds up settlement times, and lowers processing costs compared to traditional payment methods. Additionally, it provides a secure way to handle recurring payments through its Variable Recurring Payments feature, offering both security and convenience for customers.

Integrating Capitec Pay gives consumers greater control over their financial transactions when shopping online, as they can authenticate transactions via the Capitec app without sharing sensitive information. This shift supports growing consumer expectations for secure, fast, and transparent payment experiences in e-commerce.