The Association of South African Payment Companies (ASAPP), founded by 8 of South Africa’s major non-bank digital payment companies, has announced its expansion with 4 more members.
Founded by Altron, Hello Group, iKhokha, Lesaka, Network International/Payfast by Network, Peach Payments, Shop2Shop, and Yoco, the group welcomed Cross Switch, PayU, Flash Group, and Paycorp this week.
Read: New South African Payment Group to Advance Payment Digitization in SA
These notable fintech businesses account for a bigger part of South Africa’s non-bank payment sector. With their combined power, they are better positioned to promote financial inclusion by lobbying for increased support and engagement of non-bank payment providers in the local payment ecosystem.
“The addition of these four new fintech leaders to ASAPP brings additional expertise, innovation, and drive to strengthen our collective efforts in shaping a more inclusive, secure, and accessible payments ecosystem in South Africa,” says ASAPP President Lincoln Mali.
The premise of ASAPP is to promote fair access to payment infrastructure, reduce the wholesale cost of digital payments, and enhance transparency and customer mobility for both individuals and businesses.
Founded in 2022, Cross Switch is an innovative payment solutions provider that operates across emerging markets, servicing South Africa, Kenya, Morocco, Ivory Coast and Latin America. Fintech company PayU specializes in digital payment solutions for online merchants and consumers and is part of a global network that operates in over 50 high-growth markets.
Also joining ASAPP is South African fintech company the Flash Group which empowers entrepreneurs, businesses and consumers by offering innovative virtual products and services.
The fourth new member joining ASAPP is payments powerhouse Paycorp, renowned for its comprehensive services, including ATM and cash-related services, with a strong presence across Southern Africa, Central, Eastern and Southeastern Europe, as well as the United Kingdom.
ASAPP aims to enhance customer mobility in South Africa’s payment systems, reduce digital payment wholesale costs, and ensure equitable access to payment infrastructure. To promote financial inclusion and ensure more companies and consumers can benefit from a modern, inclusive payment system, it seeks additional support for non-bank payment providers.
