NAIROBI, Kenya, Dec 5 – The Direct Pay Online Group (DPO) has acquired Setcom (Pty) Ltd, which operates SID Instant EFT, the original and leading instant electronic funds transfer (EFT) solution in South Africa.
The deal will complement DPO’s comprehensive suite of payment solutions across the continent, which currently includes processing for all major cards, mobile money and e-wallets. “Setcom has continuously innovated and achieved impressive results in the South African payment space. We plan to expand and promote SID to all current and future merchants across our markets so that they may offer this payment option to their customers, further helping them to enhance their businesses, ” DPO Group CEO, Eran Feinstein said noted.
Setcom began its operations in 1999 and has been providing secure online card processing to hundreds of South African online merchants since then.
In 2007, the company launched SID Instant EFT, a secure payment product that allows real-time funds transfer from a customer’s to a merchant’s bank account through an efficient and easy-to-use online platform.
SID has enabled merchants across South Africa to collect instant EFT payments via websites, email or invoices, and has become one of the most popular online payment methods in the country.
The acquisition of Setcom, and the subsequent incorporation of SID Instant EFT into the DPO product suite, will allow DPO to be the first Payment Service Provider (PSP) to offer merchants with a single solution for all their online payment needs, ensuring that through a single and simple integration, merchants will be able to accept payments through card, mobile money and EFT across the African continent.
“Setcom’s goal has always been to help people buy and sell anywhere and at any time, a vision shared by the DPO Group. By joining together, we have no doubt that we will achieve this goal and create the leading payments platform in Africa,” Setcom founder, David Liu said.