Instant EFT is PayFast's patented, revolutionary method of completing online purchases by making an internet banking transfer (EFT) which gets instantly verified. There is no two day wait, you don't need to send in proof of payment and it can be used with South Africa's four biggest banks: ABSA, FNB, Nedbank and Standard Bank. Instant EFT puts you in touch with the large number of online shoppers without credit cards but with access to internet banking.
See the slideshow on the right for more information on this unique payment method.
What is Instant EFT?
It is an electronic funds transfer (EFT), a transfer from a shopper's bank account to ours, that instantly gets confirmed. The funds are paid to the seller's bank account upon request of Payout.
What banks are supported?
Currenly we can process Instant EFT when shoppers have accounts with South Africa's four major banks: ABSA, FNB, Nedbank and Standard Bank.
Does the shopper need any special software?
No. Unlike other systems, the buyer doesn't need to install any special software. Transactions can be made on PCs, Macs and most mobile devices (such as Blackberry, iPhone, iPad, Android etc.)
Does the shopper need to send proof of payment to verify the transfer?
No. Neither the shopper, nor the merchant would need to confirm the transfer. PayFast's system confirms that the actual amount has been transferred, so there's no need for calls, faxes or emails.