The startup provides payment solutions to businesses, allowing them accept payments from consumers in Africa and across the world, through their website or mobile apps.
Consumers can pay using all forms of payments methods such as credit/debit cards, bank transfers, mobile wallets, electronic wallets and cash.
“Our solutions address the pain points of traditional payment methods and are geared to the realities of the African market. 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. Despite there being many players in the payments solutions space, the dire need for advanced payment platforms in developing countries presented us with a tremendous opportunity,” said Rahul Jain, co-founder of Peach Payments.
Once the startup launches its payment solution in the aforementioned countries, local and international businesses will be able to accept payments from consumers easily.
Peach Payments recently launched PaySafe, a service aimed at helping businesses collect invoices and payments globally. Businesses that aren’t online but want to do online payments can use the service.
“Peach PaySafe allows users to improve their cash flows and dramatically reduce administrative costs associated with collecting payments whilst making the transaction much safer,” Jain added.
The startup currently processes about R1 billion in transactions per year. It offer payments solution in Europe and South Africa directly and in Brazil and Turkey through its partners.