EFT Corp. has added Buy Now, Pay Later – BNPL to its hosted checkout, integrating Happy Pay so merchants can offer customers a split-payment option without additional development work.
Industry estimates show BNPL usage has climbed sharply in recent years. Some markets reporting compound annual growth of about 23.5%. The integration gives EFT Corporation’s merchants another way to meet that demand alongside existing methods such as card capture, Scan to Pay online and instant EFT.
“Clients wanted more flexibility at checkout without taking on the complexity of consumer credit.” Said Catherine Korsten, Chief Commercial Officer at EFT Corporation. “BNPL is becoming an expected option, so we’ve enabled it through our platform for a straightforward rollout.”
Happy Pay’s model aligns repayments to South African monthly income cycles. After selecting Happy Pay at checkout and completing a short registration, an AI-driven affordability check runs in minutes. Purchases are split into two interest-free instalments. 50% on the first payday after purchase and the remaining 50% on the next payday without an upfront deposit.
Happy Pay handles the risk: it onboards consumers, settles the full amount with merchants, and collects repayments directly. EFT Corporation facilitates the process within its technology stack; neither merchants nor EFT Corp. assume credit risk.
“Designed well, BNPL can be an alternative to high-interest retail credit,” said Wesley Billett, CEO of Happy Pay. “We use real-time affordability data to offer cost-free instalments for consumers, funded by the value we create for merchants through higher conversion and larger baskets.”
Happy Pay reports that participating merchants have seen average basket sizes increase by about 190%.
Korsten added: “This integration broadens payment choice for our e-commerce clients and supports more inclusive access to everyday purchases.”
