The “Buy Now, Pay Later” trend that has reshaped online shopping across the world is now gaining firmer ground in South Africa. EFT Corporation, a leading payments technology company, has announced a new partnership with Happy Pay to integrate the fast-growing payment model into its e-commerce platform.
The move means merchants using EFT Corporation’s hosted checkout system can now offer customers the option to split their payments without interest — a feature that has been shown to boost both sales volume and average order value in markets where BNPL has taken hold. Some studies have placed the sector’s compound annual growth rate at around 23.5 percent globally.
Catherine Korsten, Chief Commercial Officer at EFT Corporation, said the company wanted to give merchants more flexibility while keeping things simple on the backend.
“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,” Korsten said. “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.”
According to Korsten, EFT Corporation chose Happy Pay for its locally attuned approach. “Happy Pay’s model has been tailored to meet local needs, aligning with monthly income cycles in South Africa,” she said. “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.”
The partnership offers what both companies describe as a transparent, fee-free alternative to traditional credit. For shoppers, the process is straightforward: after selecting the Happy Pay option at checkout, an AI-based system determines affordability and grants approval in minutes. Payments are then made in two instalments — half on the buyer’s next payday, and the rest a month later.
For merchants, the integration requires no extra technical development, and there’s no credit risk. EFT Corporation’s system facilitates the process, while Happy Pay pays the merchant in full and handles all consumer repayments.
Wesley Billett, CEO of Happy Pay, said the collaboration reflects a shared commitment to ethical and inclusive finance.
“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,” Billett said. “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.”
He added that this approach helps “consumers avoid debt spirals while giving merchants a powerful growth tool,” estimating that the model saves South African households millions in interest and fees each year.
Early results suggest the promise is real. Happy Pay’s merchant partners have reported average basket sizes rising by about 190 percent, with no additional exposure to credit risk.
Korsten said EFT Corporation sees BNPL as part of a broader effort to make financial tools more accessible. “We have seen BNPL serve as a powerful tool to empower financially underserved communities,” she said. “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.”
For both companies, the message is simple: if used responsibly, “Buy Now, Pay Later” isn’t just about convenience — it’s about inclusion.