EBANX, a global technology company specialising in payment solutions, has announced the integration of Capitec Pay, enabling Open Banking for cross-border e-commerce in South Africa.
Capitec Pay, launched by Capitec Bank, provides Open Banking-based account-to-account (A2A) payments in South Africa. Through EBANX, global merchants from verticals such as online retail and subscription services, including streaming, gaming, and SaaS, can now offer this payment method to their customers in South Africa.
South Africa’s Open Banking market
Offering Capitec Pay enables merchants to reach 24 million users (57% of South Africa’s adult population), including 13 million mobile app users. For context, only 10% of the country's adult population has ever used a credit card, according to the World Bank. Additionally, statistics show that the Open Banking market generated revenue of USD 334.6 million in 2024 and is expected to reach USD 1.516.6 million by 2030. In terms of segment, banking and capital markets were the largest revenue-generating services in 2024.
Moreover, EBANX’s internal data also shows that Capitec Pay delivers optimal performance, with a payment conversion rate of 85%. Capitec Pay offers secure APIs and a customer consent merchant to initiate real-time payments directly from the user’s bank account, without the need for a card or intermediary platform. It enables instant and optimal payments through an augmented in-app experience, meeting growing customer expectations around security, speed, and transparency in online transactions. Additionally, it allows subscriptions through its Variable Recurring Payments feature, enabling customers to authorise recurring payments securely.
By integrating Capitec Pay, consumers take more control over their payment flow. When shopping online, users authenticate the transaction through their Capitec banking app, eliminating the need to share sensitive financial information. For merchants, the method reduces fraud risks, improves settlement times, and lowers processing costs compared to traditional methods.
