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New BNPL Integration Drives Financial Inclusion and E-Commerce Growth in South Africa
EFT Corporation has announced the integration of BNPL functionality into its hosted checkout platform through a new partnership with Happy Pay. This is even as as the Buy Now, Pay Later (BNPL) market continues to accelerate globally. The market segment has recorded compound annual growth rates (CAGR) of up to 23.5%.
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This move enables e-commerce merchants in South Africa to offer consumers a flexible, interest-free payment solution. Ultimately, it is helping to boost conversion rates and average basket sizes.
Flexible, Risk-Free BNPL Now Available at Checkout
With this integration, EFT Corporation clients can easily enable Happy Pay at the checkout stage. It offers seamless BNPL functionality without the need for additional development or infrastructure changes.
“BNPL is no longer a nice-to-have; it’s becoming a consumer expectation,” says Catherine Korsten, Chief Commercial Officer at EFT Corporation. “Our goal is to offer merchants more payment flexibility while protecting them from the risks of managing consumer credit directly.”
Consumers can split their purchase into two interest-free payments, aligned with their monthly payday cycle. The first 50% instalment is collected on the consumer’s first payday after the purchase. The remaining 50% deducted on the next payday—no deposits, no fees, and no hidden interest.
Built for the South African Consumer
EFT Corporation selected Happy Pay for its ethical, inclusive approach to consumer credit. This is in its ability to meet the unique financial realities of South African shoppers.
“Happy Pay’s model is designed around local income cycles,” adds Korsten. “It’s transparent and fee-free, offering an alternative to costly credit and payday loans.”
The system uses AI-driven affordability checks in real time, making approvals fast, secure, and tailored to each consumer’s financial capacity. Once approved, Happy Pay settles the full amount with the merchant upfront, assuming all credit risk and directly handling consumer repayments—making the process risk-free for both merchants and EFT Corporation.
Driving Merchant Growth with Bigger Baskets and Higher Conversion Rates
According to Happy Pay CEO Wesley Billett, the BNPL model offers significant commercial upside for merchants. On average, basket sizes increase by 190%, and merchants experience higher conversion rates and new customer acquisition—without taking on any credit liability.
“Our model flips traditional credit on its head,” Billett explains. “We use real-time affordability data to offer free instalments to consumers. Merchants gain from larger transactions, while consumers avoid high-interest debt. It’s a win-win.”
Supporting Financial Inclusion in Underserved Markets
For EFT Corporation, the partnership with Happy Pay is more than just a new payment feature—it aligns with its longstanding mission to promote financial inclusion in South Africa and beyond.
“BNPL has evolved from a niche payment method into a transformative financial tool,” says Korsten. “We’ve seen it empower financially underserved communities, making access to essential and lifestyle purchases more attainable without the burden of high-interest credit.”
As South Africa’s digital economy grows, affordable and inclusive payment options like BNPL are expected to play a central role in bridging the gap between merchants and underbanked consumers, while driving sustainable growth across the e-commerce sector.
