" class="no-js "lang="en-US"> Pay@ transforms fintech for South Africa's insurance providers
Wednesday, April 17, 2024

Pay@ transforms fintech for South Africa’s insurance providers

Payment aggregator, Pay@, is facilitating the advancement of payment alternatives for insurance franchises while promoting economic development and empowering their customers to securely and conveniently pay their premiums.

The growing popularity of Pay@ among insurance billers is particularly significant for businesses like funeral parlours seeking to reduce on-site theft risks. It provides customers with the flexibility to complete their transactions at retailers, via their banking app or an easy-to-use payment journey on their smartphones, contributing to a safer and more convenient payment experience.

“Financial services are a significant enabler of social and economic development, especially at a time of economic uncertainty”, says Pay@ representative, Hendrik Blignaut. “This is why the banking sector is increasingly embracing digital payments through partners like Pay@. Applications of this partnership such as Capitec Bill offer a sustainable solution for collections, covering more remote corners of the country. Coupled with the rapid rise in smartphone usage, convenience can now play a more significant role in countering crime.”

The role of a payment aggregator is to provide better customer experiences while enhancing safety to make payments a simple, and importantly, secure process. The avenues opened are increasing at a rapid pace as it enables billers to offer their customers a wide range of payment options through in-store and digital channels, including subscription bills, money transfers, municipal accounts, insurance policies, and more. The technology is specifically designed to meet the needs prevalent in the South African context, where even factors like loadshedding can impact the ability to pay online. Being able to pay in a store a customer visits anyway is both safer and more convenient.

“Pay@ has been a game-changer for our business. It has allowed us to offer a convenient and secure payment option to our customers, which has helped us differentiate ourselves from the competition and provide a superior customer experience,” says AVBOBs Rika Robbertse.

Insurance providers can leverage the advantages of a centralized platform that offers both convenience and security for their clients. The payment aggregator displays bills in multiple formats and oversees the complete transaction process, making it an essential tool for the insurance sector.

Beyond physical pay points, the technology is firmly on track to leverage the growth of digital technology. In a country where smartphone usage is projected to grow in 20232, Pay@ recognised the importance of digital channels. With millions of people in South Africa using smartphones and over 90 million mobile connections overall, Pay@ ensures that digital payment options are included in their offerings. Customers can also scan a QR code with their camera and enter their unique account number to access their payment details and make payments conveniently.

Ensuring Safety and Security

There is undeniably a heightened focus on security and crime in the South African market. Providing alternate avenues to make payments, while employing state-of-the-art security measures, including encryption, to protect customer data and transactions, is vital. This ensures that payments are always safe and secure, giving customers peace of mind about the security of their sensitive information. According to Robbertse, “Ensuring the safety and security of our customers’ payments is a top priority for us. Pay@ provides robust security measures that give our customers confidence in making their insurance payments online.”

Convenience at its Core

Convenience is a critical aspect to both insurers and their customers. With a wide network of retail partners across South Africa, including popular chains like Pep Stores, Pick n Pay, Shoprite, and SPAR, customers gain instant access to thousands of locations to make payments. This eliminates the need for customers to travel to specific payment centres or bank branches, making it easier and more convenient for them to pay their insurance premiums on time.

Flexible Payment Options: This inclusion of digital channels such as QR codes, direct EFT, and the ability to make payments within a banking app, gives customers the flexibility to choose their preferred payment method. This caters to varying preferences and access to different payment methods among customers.

Staying Ahead of the Competition: For insurers a no-cost, online application process and onboarding ensures all relevant compliance and security measures are firmly in place. Once set up, Pay@ enables insurers to better serve their customers and stay ahead of the competition – as they attract and retain customers. As the payment landscape continues to evolve, Pay@ is set to play a crucial role in shaping the future of insurance payments in South Africa.

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