OnePay launches its partnership with Merchant Networks and Integrates to iDAAS

OnePay Partners with Point-of-Sale Merchant Networks to Revolutionize Financial Services in South Africa’s Informal Sector

OnePay has officially launched an exciting new partnership with Point-of-Sale (POS) Merchant Network owners, introducing a seamless and inclusive financial service tailored to South Africa’s informal sector. By integrating with the national identity database, OnePay is empowering millions of unbanked and underbanked citizens with access to essential financial tools, including cash-in, cash-out, cash-send, and peer-to-peer transactions.

This innovative move solidifies OnePay’s commitment to transforming the lives of individuals in the informal economy, providing them with convenient, secure, and affordable financial solutions.

Simplifying Transactions for the Unbanked Market

At the core of OnePay’s services is its use of ID numbers for transactions, eliminating the need for traditional bank accounts. With just a valid South African ID number, citizens can:

• Deposit money (cash-in) into their OnePay wallets.
• Withdraw cash (cash-out) from participating POS merchant networks.
• Send money to family and friends quickly and securely.
• Perform peer-to-peer (P2P) transactions, enabling easy payments within communities.

By leveraging South Africa’s national identity database, OnePay ensures that financial transactions are secure, traceable, and accessible for everyone, regardless of their banking status.

A Game-Changer for the Informal Sector

The informal sector is the backbone of South Africa’s economy, yet it remains underserved by traditional banking systems. OnePay’s partnership with POS merchant networks creates a widespread network of service points, allowing users to access financial services in their local communities.

Key Benefits of OnePay’s Solution:

1. Convenience: Transactions are available at spaza shops, local vendors, and other accessible POS locations.
2. Affordability: OnePay’s low-cost transaction fees ensure that even individuals with limited incomes can participate.
3. Security: Linking transactions to ID numbers reduces fraud and ensures accountability.
4. Inclusivity: No bank account or credit history is required, opening up financial access to millions.

Enabling Economic Empowerment

With this launch, OnePay is driving financial inclusion in South Africa, aligning with national objectives to reduce inequality and promote economic growth. The service enables individuals in the informal sector to:

• Safely manage their money without the need for formal banking.
• Support their businesses and livelihoods with efficient payment systems.
• Build financial confidence and access more advanced services, such as loans or savings products, in the future.

A Vision for the Future

OnePay’s integration with the national identity database and its partnership with POS merchant networks signals the beginning of a financial revolution in South Africa’s informal sector. By breaking down traditional barriers to banking, OnePay is providing tools for economic participation and growth to the unbanked population.

As OnePay continues to expand its reach and forge new partnerships, it aims to become the go-to financial service provider for South Africa’s unbankable market, ensuring that every South African can participate in the economy with dignity and ease.