Automated EFT startup shows impressive growth

i-Pay, a startup which enables automated Electronic Fund Transfers, expects to process over R100 million in payments this year.

By - January 9, 2016 Share on LinkedIn
i-Pay

i-Pay, a startup which enables South Africans to make instant EFT payments when shopping online, is showing strong growth.

i-Pay was launched in November 2014, and announced in September 2015 that it had partnered with PayU to offer automated Electronic Fund Transfers.

The partnership enabled i-Pay to sign many new clients, including the iStore, Nespresso, Netflorist, Spree, Amrod, CUM Books, Estee Lauder SA, GT247, Toys R Us, and CTM.

i-Pay CEO Thomas Pays told MyBroadband that they already process millions of rand in payments, and expect to exceed R100 million in 2016.

The company is also working on bigger deals. “We are currently in discussions with big retailers like Makro and Builder’s Warehouse, which would enable us to then reach billions of rand,” said Pays.

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