Capitec Pay's South African framework enables payment providers to initiate card-free EFT payments that customers approve in the bank app. It sets out account selection and provider onboarding, with Capitec requiring providers to hold the relevant PASA-certified TPPP/SO status.
TL;DR:
- Capitec Pay initiates EFT requests through payment providers.
- Customers select an account and approve in Capitec’s app.
- Provider onboarding requires TPPP/SO status and PASA certification.
Summary
Card-free payment
Capitec Pay lets providers request client payments without sharing card details or banking logins.
Customer approval
Clients choose an account and approve payment through Capitec’s application.
Provider requirements
Capitec requires existing TPPP/SO status backed by PASA certification for provider onboarding.
Technical scope
The bank references open-banking principles and PSD2, without identifying an exact API or RTS profile. Provider accreditation is distinct from product certification.
Keywords
- Payment Initiation
- EFT Requests
- Account Selection
- App Approval
- Provider Onboarding
- TPPP Status
- PASA Certification
- South Africa
- Open Banking
- Capitec Pay