Peach Payments to expand in Africa, launches new product

Payment processing platform, Peach Payments will be expanding into Kenya and Nigeria in 2016.

“We have unlocked a significant barrier to e-commerce in emerging economies. Peach Payments’ solution is highly scalable for fast-growing businesses,” says co-founder of Peach Payments, Rahul Jain, in a press release to Ventureburn.

The company is in the process of dealing with the necessary requirements and should launch in Kenya by early 2016, with Nigeria following thereafter.

“Despite there being many players in the payments solutions space, the dire need for advanced payment platforms in developing countries presented us with a tremendous opportunity.”

According to senior investment and head of AlphaCode (a Rand Merchant Investments club for fintech startups), Dominique Collet, there is a need for fintech companies in Africa.

“As mobile internet penetration rises across the continent, e-commerce is becoming an increasingly significant. According to McKinsey, e-commerce is expected to account for 10% of retail sales in Africa’s largest economies by 2025, generating over US$75-billion in annual revenue.”

“Their [Peach Payment’s] partnerships with Africa’s leading banks, Visa and PayPal has allowed Peach Payments to process millions of transactions for notable players.”

“Their key differentiator from other payment gateways is their focus on customer service and their ability to work with smaller merchants,” she concludes.

Peach Payments is a gold member of AlphaCode.

The launch of PaySafe

Recently, Peach Payments launched a new addition to their offerings: PaySafe, which has already processed over R1-million in transactions. The product allows SMEs to collect payments from customers without the need for an online platform or integration.

“Peach PaySafe allows users to improve their cash flows and dramatically reduce administrative costs associated with collecting payments whilst making the transaction much safer,” says Jain.

“Our initial target for Peach Payments was online or mobile merchants wanting to monetise audiences in South Africa. Over 200 South African online merchants are using Peach Payments, including Zando, Spree, Safarinow and Quicket. International merchants are also coming on board.”

According to the press release, the startup processes over R1-billion transactions per year.

Feature image: oh_hellogina via Flickr.