South African fintech startups Float and Peach Payments have partnered to enable thousands of Peach Payments merchants to instantly integrate Float’s buy now pay later (BNPL) technology at checkout, broadening the reach of interest-free monthly instalments to more consumers across South Africa.
Launched in November 2021, Float encourages responsible credit card usage and, at the same time, helps merchants to grow their sales. The startup’s proprietary technology lets shoppers buy now and split their payments over up to 24 interest-free, fee-free monthly installments using the available limit on their existing Visa or Mastercard credit card.
Peach Payments, meanwhile, was founded in 2012, and provides a complete toolkit to help businesses accept, manage and disburse payments through web and mobile. It is the second largest online payment gateway in South Africa, and has also expanded to Kenya and Mauritius.
The two startups have now partnered to integrate Float’s BNPL into the Peach Payments checkout, allowing customers to pay over time for their purchases. Unlike regular BNPL credit options, Float does not issue shoppers with new credit, but instead offers shoppers a smarter way to pay with their credit card by splitting their purchases over multiple months, interest-free, with no additional fees.
“Partnering with Peach Payments marks yet another key milestone for Float, enabling thousands of merchants to boost sales with flexible, card-linked instalment solutions that empower shoppers with responsible payment options,” said Alex Forsyth-Thompson, CEO of Float.
Anine de Kock, head of partnerships at Peach Payments, said the company had seen a rise in popularity of BNPL options, particularly how significantly these options increase conversion rates for merchants.
“Peach Payments adds value to merchants in many ways. One of these is offering a range of BNPL payment options so customers can take full advantage of merchant offerings,” de Kock said.
