Our 2024 ‘Think Bigger’ Summit showcased the latest solutions from Peach Payments. With Black Friday just around the corner, it’s the perfect moment to reflect on some of these innovations, underscoring our commitment to staying ahead of industry trends and delivering on merchant needs.
The Evolution of Payment Methods
Cards: A Continuing Cornerstone: While alternative payment methods are rapidly gaining ground, cards remain the bedrock of digital payments. Their continued dominance highlights the need for businesses to maintain a versatile approach while staying informed about emerging trends.
The Growth of EFT and QR Payments: Electronic Funds Transfers (EFT) are seeing increased traction, driven by the adoption of new banking APIs. Peach Payments’ “Pay by Bank” feature ensures that businesses can offer customers secure, seamless EFT options. Meanwhile, QR code payments and digital wallets like Apple Pay are also gaining popularity, in line with the rise of mobile shopping, which now accounts for nearly 60% of transactions.
Expanding Financial Inclusion Through Credit and Lending
Buy Now, Pay Later (BNPL): Transforming the Landscape: The global BNPL market is projected to skyrocket from $165 billion in 2023 to over $1 trillion by 2028. Peach Payments is primed to seize this opportunity by expanding its BNPL and alternative credit solutions, with RCS and Float coming soon. This shift towards credit and lending options isn’t just about convenience—it’s about driving financial inclusion. Merchants who have adopted BNPL are already experiencing benefits such as higher average order values and improved customer retention, highlighting how payment flexibility can lead to significant business growth.
Innovative Payment Solutions
Payment Links and Payment Pages: Simplifying Transactions: Peach Payments' new Payment Links and enhanced Payment Pages offer versatile solutions, especially for merchants without traditional eCommerce platforms. Payment Links enable digital payments without the need for a dedicated website or app, making them ideal for scenarios like call centres and recovering abandoned carts.
The enhanced Payment Pages take this flexibility further by providing merchants with unique links and QR codes, allowing for variable payment amounts—a particularly useful feature for donations or partial payments.
What’s Next for Peach Payments?
Constant Innovation
Innovation is deeply embedded in Peach Payments' DNA. We were the first to introduce tokenization for single-click checkout and subscription payments in South Africa, and our custom Merchant Plug-in (MPI) continues to push boundaries. Looking ahead, we remain committed to developing cutting-edge solutions that empower businesses and enrich the customer experience.
Conclusion: Shaping a Dynamic Future
Peach Payments isn’t just keeping up with the rapidly changing payments landscape — we’re shaping it. Through continuous innovation, a strong focus on financial inclusion, and a user-centric approach, we are positioning ourselves as leaders in the industry, ready to meet the challenges and opportunities of tomorrow.