Through this agreement, merchants using Peach Payments can now integrate Float during checkout, extending the option of interest-free monthly instalments to more consumers in South Africa.
Float aims to distinguish itself from traditional Buy Now, Pay Later (BNPL) offerings by not issuing new credit. Instead, it enables consumers to divide their credit card payments into multiple monthly instalments without interest or additional fees.
Regarding these new developments, officials from Float remarked that the partners will allow a large number of merchants to provide flexible, card-linked instalment options that help consumers manage payments responsibly. Peach Payments officials chimed in and observed that there has been a noticeable growth in the adoption of BNPL options, which they noted contribute to higher conversion rates for merchants.
They further explained that offering various BNPL methods enables customers to fully use the services provided by merchants.
Peach Payments is a payment solutions provider that facilitates online commerce and digital payment acceptance across Kenya, Mauritius, and South Africa. The company supports direct settlements in all three markets and offers aggregated payment services in South Africa. Working with both small and large sellers, Peach Payments delivers a suite of tools to accept, manage, and disburse payments through web and mobile platforms.
Float is Africa's first card-linked instalment platform that allows consumers to split their credit card purchases into up to 24 monthly instalments without interest or fees. The service does not extend new credit or charge late fees, and it eliminates the need for sign-up, registration, or credit checks. Float also offers merchants the ability to customise settlement models, instalment numbers, and sales channels.
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