It was the year 2007. Steve Jobs unveiled the very first iPhone, which not only revolutionized the telecommunications industry but the entire digital landscape. People around the world of all shapes, sizes (and even ages) devoured the teen vampire trilogy Twilight, and the word “selfie” was still years away from making its way into everyday conversation.
Meanwhile, in an inconspicuous house in suburban South Africa, PayFast was born.
Starting out as a tech start-up, PayFast has grown into the go-to online payment gateway for South Africans. The remarkable growth path first started with PayFast’s patented Instant EFT technology – internet transfers that clear so fast it’s like getting paid cash in hand. From here on, the new payment methods introduced racked up as quickly as the numerous shopping cart platform integrations on offer. Making it easier and easier for South African merchants to pair with PayFast and kickstart their online business.
And kickstart they did. The ten thousandth merchant registered in 2012 and where there are merchants, buyers follow. The one millionth unique buyer made a purchase from a PayFast merchant in 2015 and in the blink of an eye 2016 was here. It was a year to remember with online retail surpassing the 1% mark of overall retail spend in South Africa. PayFast was celebrating then and we’re celebrating now in 2017, the year we turn 10.
And Our Amazing Clients
At this point, we would like to thank our incredible merchants and partners for their ongoing support and encouragement. Without your perfect partnerships, PayFast’s decade of growth would not have been possible. So here’s to you and here’s to another 10 years pairing with more South African business owners.
With that being said, what’s a birthday without a little giving? After a look at the past, we are focussing on the future, so with a dash of excitement and a flurry of prospects we’ve lowered our fees by more than 10% from 3.9 to 3.5% until 31 December 2017. So let’s start celebrating!
Watch this space for more stories on merchants who paired with PayFast to grow their business over the past decade.
Click here to view our updated fees and get in on the celebrations!