After three years of growth in South Africa processing R1 billion in payments annually, Peach Payments has announced its expansion to Nigeria and Kenya.
The startup provides businesses, particularly SMMEs, with a way to accept payments across multiple platforms.
“Our solutions address the pain points of traditional payment methods and are geared to the realities of the African market,” Peach Payments co-founder Rahul Jain said in a statement.
Indeed, Peach Payments has a payment solution for any platform you can think of be it for web, mobile, apps or traditional cards. This lowers the barrier for entry for small businesses who can’t implement a more mainstream system. Peach Payments facilitates R1 billion in transactions per year for local merchants.
“One of the biggest challenges businesses in emerging economies face is that traditional online payment systems in Europe and the United States were developed in and for these markets,” Jain explained.
Ecommerce is set to account for 10% of retail sales in Africa’s biggest markets by 2025 according to research by McKinsey & Company. This represents $75 million in revenue and Peach Payments hopes to continue improving the sector throughout the continent as part of its expansion.
The startup has also recently launched PaySafe. This solution allows business which aren’t online such as freelancers to email a link to clients to pay them online. “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
The co-founder says that the firm’s solutions can be scaled as a business grows. This is exemplified by the fact that 200 South African online merchants are using Peach Payments, including Zando, Safarinow and Quicket.
As for what the future holds, “Going forward ‘mobile first’ is our mantra,” says Jain. “The number of people in emerging markets that are accessing the Internet using mobile devices is escalating at an extraordinary rate.”
Congratulations To Peach Payments on its expansion and we wish the startup good luck in the upcoming Pricecheck ecommerce awards.