South African open banking and payments firm Stitch has acquired ExiPay, a provider of in-person payment solutions. This strategic move aims to enhance Stitch’s enterprise payment services by unifying online and in-person capabilities under a single platform.
ExiPay brings a strong track record to Stitch, having established contracts with several enterprise clients and payment service providers across South Africa and other African markets. Notably, this includes Bash, an omnichannel retail firm operated by Foschini Group (TFG).
The financial terms of the acquisition were not disclosed.
Stitch’s in-person payments solution offers several key advantages:
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Seamless Integration: The integration process is straightforward, allowing merchants to easily adopt the solution and benefit from the same reliability and dedicated support offered to Stitch’s online payment clients.
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Enhanced Reliability: Direct integration with multiple banks and networks ensures automated failovers and higher system uptime for card-present transactions.
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Versatility: The solution caters to a wide range of business needs, including physical retail stores, businesses with both online and in-store operations, and omnichannel merchants seeking to unify their payment systems.
Furthermore, the solution empowers merchants to:
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Accept Diverse Payment Methods: Offer various online payment methods both at the point of sale and through e-commerce platforms.
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Utilise Existing Infrastructure: Utilise their existing payment terminals or certify new devices with point-to-point encryption (P2PE) certification.
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Manage All Transactions Centrally: Manage both online and in-person payments with a reliable and flexible system.
