Flash Group and Ecentric partnership – Aims to boost financial inclusion in South Africa
Ecentric, is an advanced payment services provider, that is linked to over 90 000 tills in Southern Africa and processes on-day reconciled payments back to all vendors. The Fin-Tech company offers the full spectrum of payment channels; Online, In Store, In App and desired payment methods (Card, Digital Wallets, Vouchers) are accepted and processed with continuous reconciliation, full compliance and unwavering reliability as a payment service provider in South Africa.
Ecentric has created a new strategic partnership with the Flash Group, a prominent player in digital payments and financial services, that will be focussing on expanding access to financial services, particularly through the integration of 1Voucher—a prepaid payment voucher that converts cash into digital currency.
This partnership aims to extend payment opportunities for both merchants and consumers, driving financial inclusion in South Africa, by making it easier for cash-based customers to convert cash into digital currency and enable them to make digital payments with ease.
Speaking about the partnership, Ruan Geyser,General Manager at 1Voucher, highlighted the significance of this collaboration: “We’ve always aimed to make people’s lives easier through technology, and this partnership with Ecentric allows us to extend that vision even further.
Ecentric’s business provides integration with several of South Africa’s largest retail partners and positions the partnership to provide valuable access to these markets. “By integrating 1Voucher into Ecentric’s payment ecosystem, we’re opening doors for cash customers who’ve historically been excluded from digital payments,” Says Geyser
With over two decades of experience in South Africa’s informal retail market, Flash Group has built a network that serves more than 25 million cash-based consumers. Driven by a vision for a more inclusive and connected economy, the company expands opportunities for businesses and cash-based customers by providing innovative payment solutions and services.
This collaboration with Ecentric, is according to the group, another step toward expanding their reach and offering even more value to merchants and consumers alike. Together, the aim is to work to meet the changing needs of customers, and ultimately drive product and service access to everyone, everywhere.
Inge Oosthuizen, Product Owner at Ecentric adds: “Partnering with Flash Group aligns with our mission to deliver innovative, secure, and accessible payment solutions, meeting consumers where they are at. By offering 1Voucher as a payment mechanism, we’re empowering consumers who prefer to use cash while providing merchants with access to an untapped customer base.”
Technical integration of 1Voucher is designed to be straightforward, enabling the opening up of new customer segments without requiring significant changes to existing point-of-sale infrastructure.
The user experience is created to allow individuals to digitise their cash through purchasing a 1Voucher at any retailer within the 1Voucher network. Subsequently, they can use their 1Voucher 16-digit PIN to complete in-store transactions, without the need for a bank account or credit/debit card.
When using 1Voucher as a payment method in-store, consumers benefit from enhanced security, as there’s no need to carry cash. Instead, they can rely on their 1Voucher slip, which holds the equivalent value.
An added feature is the ability for customers to send a 1Voucher to others at no cost by simply sharing the 16-digit PIN via SMS, WhatsApp, email, or they can utilise the 1ForYou app. This creates savings by eliminating the transaction fees often associated with cash transfers.
With Ecentric already processing 20% of South Africa’s card transactions and serving as a trusted payments partner to 65% of the JSE listed retailers, this collaboration represents a broader movement towards bridging the gap between cash and digital payments in South Africa, offering secure, convenient, and inclusive solutions for all.
