While instant payment services have been adopted widely internationally, South Africans are still forced to choose from limited options – often paying extra fees to benefit from immediate clearance.
Bank EFT transfers remain the preferred payment method for most South Africans, despite charging excessive fees and taking days to clear.
VALR CEO and Co-Founder, Farzam Ehsani, highlights how he hopes VALR Pay will serve South Africans, explaining, “VALR Pay simplifies the payment process and is absolutely free to use – neither the payer nor the recipient gets charged.”
“This is something that is common in many advanced economies and we’re tremendously excited to bring free payments to South Africa.”
Ehsani continues, addressing the disconnect between how we communicate and how we transact locally, “No need to ask for someone’s bank account number or branch code or bank – simply make a payment to any cell phone number or email address or VALR Pay ID.”
“And for merchants it’s as easy as presenting your QR code for a customer to scan and pay.”
As Ehsani alludes, VALR Pay allows for instant, free transactions between parties using the service, requiring only a cellphone number, email address or unique VALR Pay ID.
In doing so, the service eliminates the need to remember extra credentials such as bank details – which, in 2021, you really shouldn’t have to keep on hand.
By offering one free withdrawal per month, the company forgoes added fees to cultivate a robust and convenient payment platform that prioritises the needs of users above all else.
As an extra incentive, VALR has launched an improved (and potentially highly lucrative) rewards programme for customers using the service.
By sending a minimum of R5 via VALR Pay to any person who hasn’t yet signed up for VALR, you’ll receive R100 once they complete registration.
Additionally, by referring a new user, you’ll be eligible for discounted fees and rewards from the trading fees of those you’ve referred.
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Upcoming merchant services for VALR Pay will soon also mean that you can support your favourite causes, restaurants, and retailers with a simple QR code scan.
In keeping with its ethos of better serving the oneness of humanity, VALR is excited to begin onboarding NGOs through VALR Pay, with the hope of driving extra support to those on the frontlines tackling social issues at the heart of our country.
And that’s just the beginning, according to Ehsani. Future-focused as always, he lays out his vision for VALR Pay with inclusivity and empowerment front of mind.
“We aspire to create a payment ecosystem across South Africa that puts value back into the pockets of businesses and their customers”, Ehsani states confidently.
“Many payment solutions charge 2-3% and sometimes much more, particularly for small business, and we’ve built VALR Pay to allow business and customers to receive and pay for free. It’s really a no-brainer.”