Stitch Group Expands Payment Capabilities with Efficacy Acquisition
Stitch Group, a prominent player in the African fintech landscape, has significantly bolstered its payment processing capabilities through the strategic acquisition of Efficacy Payments. This move allows Stitch to provide direct card clearing services, offering merchants a more streamlined and cost-effective transaction experience. The acquisition, announced recently, marks the second major strategic move by Stitch this year, following the earlier purchase of ExiPay, which facilitated the company’s entry into the in-person payments sector.
Direct Card Clearing and Expanding Payment Ecosystem
The acquisition of Efficacy Payments is a pivotal step for Stitch, enabling them to become a Designated Clearing System Participant (DCSP). This means Stitch can now offer card acquiring services directly to merchants, cutting out intermediaries and providing a more efficient payment process. The company stated that by integrating Efficacy into the Stitch group, it is now positioned as one of the first fintechs in South Africa to offer direct card clearing for both online and in-person transactions. This demonstrates Stitch’s commitment to fulfilling its clients’ diverse payment requirements. Furthermore, the deal strengthens Stitch’s position in the payment ecosystem, making it a key gateway, switch, and acquirer directly connected to major card networks like Visa and Mastercard.
In conclusion, the acquisition of Efficacy Payments is a strategic move that broadens Stitch Group’s service offerings, enhancing its ability to support merchants across a wider range of payment needs within the African market. This expansion underscores Stitch’s ambition to become a comprehensive payment solutions provider, consolidating its presence in the fintech industry.
Keywords
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