Pay@ is transforming fintech for South Africa’s insurance providers

Payment aggregator, [email protected]facilitates the promotion of payment options for insurance franchises while promoting economic development and empowering their customers to pay their premiums in a safe and convenient manner.

The growing popularity of [email protected] among insurance billers is particularly important for businesses such as funeral homes that want to reduce the risk of theft on site. It gives customers the flexibility to complete their transactions at retailers, via their banking app or an easy-to-use payment journey on their smartphones, contributing to a safer and more convenient payment experience.

“Financial services are a significant enabler of social and economic development, especially in times of economic uncertainty”says [email protected] representative, Hendrik Blignaut. “This is why the banking sector is increasingly embracing digital payments through partners such as [email protected] Applications of this partnership such as the Capitec Bill offer a sustainable solution for collections covering more remote corners of the country. Coupled with the rapid increase in smartphone use, convenience can now play a more important role in deterring crime.”

The role of a payment aggregator is to provide better customer experiences while increasing security to make payments a simple, and most importantly, secure process. The avenues being opened are increasing at a rapid pace as it enables billers to offer their customers a wide range of payment options through in-store and digital channels, including subscription bills, money transfers, municipal accounts, insurance and more. The technology has been specifically developed to meet the needs prevalent in the South African context, where even factors such as load shedding can affect the ability to pay online. Being able to pay in a store a customer visits anyway is both safer and more convenient.

“[email protected] has been a game-changer for our business. It has enabled us to offer a convenient and secure payment option to our customers, which has helped us differentiate ourselves from the competition and provide a superior customer experience.” says AVBOB’s Rika Robbertse.

Insurance providers can take advantage of a centralized platform that offers both convenience and security to their customers. The payment aggregator displays bills in multiple formats and monitors the entire transaction process, making it an important tool for the insurance sector.

Beyond physical payment points, the technology is well on its way to exploiting the growth of digital technology. In a country where smartphone use is expected to grow in 20232, [email protected] recognized the importance of digital channels. With millions of people in South Africa using smartphones and over 90 million mobile connections in total, [email protected] ensure that digital payment options are included in their offerings. Customers can also scan a QR code with the camera and enter their unique account number to access their payment details and make payments easily.

Ensure safety and security

There is undeniably an increased focus on security and crime in the South African market. It’s important to offer alternative ways to make payments while using state-of-the-art security measures, including encryption, to protect customer data and transactions. This ensures that payments are always safe and secure, giving customers peace of mind about the security of their sensitive information. According to Robbertse, “ensuring the safety and security of our customers’ payments is a top priority for us. [email protected] provides robust security measures that give our customers the confidence to make their insurance payments online.”

Convenience at its core

Convenience is a critical aspect for both insurance companies and their customers. With a wide network of retail partners across South Africa, including popular chains such as Pep Stores, Pick n Pay, Shoprite and SPAR, customers have instant access to thousands of locations to make payments. This eliminates the need for customers to travel to specific payment centers or bank branches, making it easier and more convenient for them to pay their insurance premiums on time.

Flexible payment options: This inclusion of digital channels such as QR codes, direct EFT and the ability to make payments in a banking app gives customers the flexibility to choose their preferred payment method. This accommodates different preferences and access to different payment methods among customers.

Stay ahead of the competition: For insurance companies, a free, electronic application process and onboarding ensures that all relevant compliance and security measures are in place. Once set up, [email protected] enabling insurers to better serve their customers and stay ahead of the competition – as they attract and retain customers. As the payments landscape continues to evolve, [email protected] is set to play a crucial role in shaping the future of insurance payments in South Africa.