SID Instant EFT launches next version of its payment solution

Startups with ecommerce stores may want to consider EFT payments for their products. Transaction gateway company SID Instant EFT has announced a new version of its solution.

The new system — dubbed SID 2.0 — allows for compatibility across more devices and a responsive design. Customers will also no longer have to longer have to download the SID application in order to complete a transaction.

“Together, our goal is to provide the SID payment service to each and every e-commerce website in South Africa. Ultimately, this will ensure that South African consumers always have a secure payment alternative available to them when they’re shopping online,” says CEO of SID Instant EFT, David Liu in a press release sent to Ventureburn.

As a security measure, payments can only be completed once the customer receives and enters a one-time-pin from their bank. The system ensure that banking details are “100% correct, and guarantees the successful transfer of funds directly to the merchant’s bank account”

Launched in 2007, the aim of SID was to create fast EFT transactions comparable to credit card counterparts.

It is currently integrated into the likes of Mango, FlySafair, and The Courier Guy.

Feature image via SID Instante EFT.