Absa Pay, an open banking payment solution from Absa, is now available as a payment method through Payfast by Network. This exciting addition to our platform reinforces our ongoing commitment to providing secure and seamless payment solutions for our merchants and their customers.
What is open banking?
Open banking is revolutionising the way payments are made by allowing secure, direct connections between users’ bank accounts and payment services through APIs. Unlike traditional methods like screen scraping, which may pose security risks and regulatory challenges, APIs offer a safer, more reliable and regulation-compliant approach to accessing financial data. As open banking becomes more widely adopted, APIs are becoming the industry standard for digital payments, offering both security and efficiency.
What is Absa Pay?
Absa Pay is a fast, secure and convenient payment method available to Absa customers shopping online. By leveraging open banking technology, Absa Pay eliminates the need for buyers to manually enter their banking credentials, enhancing both security and user experience. Instead, Absa Pay enables direct communication between Absa and the payment gateway or merchant, minimising the risk of fraud.
How does Absa Pay work?
Making a payment with Absa Pay through Payfast by Network is quick and easy:
- At checkout, the buyer selects Absa Pay as their payment method.
- They enter their Absa account number on the Payfast by Network payment page — no banking credentials required.
- The buyer is automatically redirected to the Absa banking app to approve the transaction.
- Once approved, they are returned to the merchant’s site to finalise their purchase.
This seamless process makes transactions faster, safer and more user-friendly, providing a frictionless experience for customers.
What are the benefits of Absa Pay?
Absa Pay offers tangible benefits for both merchants and buyers:
For merchants:
- Higher completion rates: Fewer abandoned transactions due to streamlined payment processes.
- Faster transactions: Transactions are processed quickly, improving your cash flow.
- Enhanced security: Reduced risk of fraud and chargebacks with secure open banking technology.
- Increased uptime: More reliable payment processing without the risk of service interruptions.
For buyers:
- Seamless experience: Enjoy a hassle-free checkout process.
- Reduced fraud risk: Enhanced security with direct communication between Absa and the payment gateway.
- Faster checkout: No need to manually enter banking credentials, speeding up the purchasing process.
How do you accept Absa Pay payments through Payfast?
If you’re a Payfast by Network Aggregation or Paygate Switch merchant, the good news about our new payment offering is that no extra integration is needed. Once you’re approved by Absa, Absa Pay will automatically appear as a payment option on your checkout page. However, you’ll need to comply with Absa’s terms and conditions, which can be found here.
At Payfast by Network, we’re dedicated to driving payment innovation that empowers businesses and enhances customer experiences. The introduction of Absa Pay marks another step toward a safer, faster and more inclusive payment ecosystem.
