Flash Group and Ecentric have formed a strategic partnership to transform South Africa’s payment landscape by integrating 1Voucher, a prepaid payment voucher that converts cash into digital currency, with the aim of expanding access to financial services.
Through this partnership, the goal is to facilitate the participation of cash-based customers in the modern economy, thus increasing opportunities for both consumers and merchants and promoting financial inclusion in South Africa.
Ruan Geyser, General Manager at 1Voucher, highlighted the significance of this collaboration: “We’ve always aimed to make people’s lives easier through technology, and this partnership with Ecentric allows us to extend that vision even further. Ecentric’s integration with several of South Africa’s largest retail partners positions our partnership to provide valuable access to these markets. By integrating 1Voucher into Ecentric’s payment ecosystem, we’re opening doors for cash customers who’ve historically been excluded from digital payments.”
With over 20 years of experience in South Africa’s informal retail business, Flash Group has established a network that services over 25 million cash-based customers. Driven by a vision of a more inclusive and connected economy, the company creates new opportunities for businesses and cash-based clients by offering innovative payment solutions and services.
“Partnering with Flash Group aligns with our mission to deliver innovative, secure, and accessible payment solutions, meeting consumers where they are at. By offering 1Voucher as a payment mechanism, we’re empowering consumers who prefer to use cash while providing merchants with access to an untapped customer base,” Inge Oosthuizen, Product Owner at Ecentric, added.
How to Use 1Voucher
The simple technical integration allows for new client segments without requiring major changes to existing point-of-sale infrastructure. The user experience has been crafted to allow individuals to convert their cash into digital currency by buying a 1Voucher from any store within the 1Voucher network.
They can then use their 1Voucher 16-digit PIN to complete in-store transactions, eliminating the requirement for a bank account or credit/debit card.
When using 1Voucher as a payment method in-store, consumers benefit from enhanced security, as there’s no need to carry cash. Instead, they can rely on their 1Voucher slip, which holds the equivalent value. Additionally, customers can effortlessly send a 1Voucher to their loved ones at no cost by sharing the 16-digit PIN via SMS, WhatsApp, email, or the 1ForYou app, eliminating the transaction fees often associated with cash transfers. Ecentric will also be enabling its merchants to accept 1Voucher as a tender online in the future.
For merchants, integrating 1Voucher as a payment option means reaching new customers who were previously reliant on cash-based transactions and also provides consumers with a safe, cash-free way to make in-store purchases
As the collaboration unfolds, both companies emphasize that this is just the beginning of their efforts to innovate in the payments space. They plan to continue exploring ways to make transactions more accessible and convenient for all South Africans.
