The Buy Now, Pay Later (BNPL) market is booming, and merchants offering this option to consumers see significant increases in sales volume and order value. The BNPL market has experienced robust growth in recent years, with some markets reporting a CAGR of 23.5%.
 
Now, EFT Corporation clients will be able to add this expanded payment functionality to their payment options at checkout, thanks to a new partnership with Happy Pay.
 
EFT Corporation has integrated Happy Pay's innovative BNPL service into its hosted checkout platform, offering merchants across South Africa expanded payment flexibility for their e-commerce customers. The service is facilitated through the EFT Corporation's technology stack, providing a seamless user experience that requires no additional development.
 
Catherine Korsten, Chief Commercial Officer at EFT Corporation, says EFT Corporation wanted to expand its value to its e-commerce clients by giving merchants more payment flexibility without the complexity or risk of managing consumer credit directly. "Clients doing e-commerce transactions with us already have various payment methods available, such as capturing card details, using Scan to Pay online, instant EFT Solutions, and more. But because the BNPL market is growing so rapidly, and consumers are starting to expect it, we wanted to be able to also offer this option to our clients."
 
EFT Corporation selected Happy Pay as the most suitable partner for its merchant ecosystem. "Happy Pay's model has been tailored to meet local needs, aligning with monthly income cycles in South Africa. This allows consumers to make purchases and split the cost over two interest-free payments scheduled around their personal paydays - without the need for upfront deposits. It is a transparent, fee-free alternative to traditional credit, and one that resonates with the realities of South African consumers," says Korsten.
 
The process is seamless for merchants and consumers alike. If the merchant enables Happy Pay via EFT Corporation's platform, the option appears at checkout as a payment method. After clicking the button and registering with Happy Pay, an AI-driven approval system assesses affordability and processes credit approval in mere minutes. The buyer's first instalment, which is 50% of the total amount, is due on their first payday post-purchase, and the remaining 50% is then paid on their next payday.
 
EFT Corporation and its clients take on none of the risk, with EFT Corporation facilitating the interaction between the consumer and Happy Pay in its built environment. Happy Pay is responsible for onboarding the consumer, settling the full amount with the merchant, and collecting any additional payments directly from the consumer.
 
 Wesley Billett, CEO of Happy Pay, says a shared commitment to ethical, inclusive finance made EFT Corporation the ideal partner. "Buy Now, Pay Later, when designed correctly, can help bridge the financial inclusion gap by offering a genuine alternative to high-interest retail credit and payday loans. Traditional credit models rely on outdated scoring and charge consumers heavily just to access credit.
 
"At Happy Pay, we flip that model. We use realtime affordability data to offer cost-free instalments to consumers, funded by the value we deliver to merchants through increased conversion, higher basket sizes, and new customer acquisition."
 
"This approach allows us to offer cost-free instalments, helping consumers avoid debt spirals while giving merchants a powerful growth tool. It is a more inclusive and sustainable model for consumer finance, one that saves South African households millions in interest and fees each year."
 
For merchants, the numbers speak for themselves: Happy Pay's merchant users have seen basket sizes increase by a sizeable average of 190% - with none of the credit management risk.
 
Says Korsten: "We have seen BNPL serve as a powerful tool to empower financially underserved communities. Once dismissed as a niche payment option, it is clear why BNPL has become a significant force in the market, challenging traditional payment models and offering a pathway to financial inclusion for many underserved consumers. At EFT Corporation, financial inclusion has always been top of mind, and this is one more way we're bridging that gap."