The Direct Pay Online Group (DPO) Group, a payment service provider in Africa has acquired Setcom (Pty) Ltd that manages and operates SID Instant Electronic Funds Transfer (EFT), the original and top instant EFT product in South Africa. The acquisition is meant to oversee additional robustness in DPO’s suite of payment solutions in the continent that encompasses e-wallets, mobile money and cards.
According to Offer Gat, the DPO Group Chairman, the investment is meant to complement the company’s solution that serves more than 25,000 online merchants including 50 airlines, restaurants, travel agents and other players in the e-commerce sector.
“We are excited to add South Africa’s leading Instant EFT solution to our suite of products, and look forward to working with Setcom’s innovative team, including the founder and instant EFT innovator David Liu. Setcom has been a pioneer in the payments industry for many years, and we have no doubt that they will continue to bring new and innovative solutions to our customers and merchants across Africa,” said Offer Gat.
Setcom was launched barely two decades ago, and has offered secure online card processing solutions for hundreds of South African merchants. In 2007, the company started SID Instant EFT that leveraged the popularity of secure online payments by introducing a real-time transfer solution from a customer’s to a merchant’s bank account.
The same product has enabled merchants collect instant EFT payments via email and websites in South Africa, a feat that has spurred its growth in the country.
“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,” says David Liu, Setcom founder.
“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,” adds Eran Feinstein, DPO’s CEO.
Lastly, the acquisition will merge Setcom’s solutions into DPO’s product suite, which will allow it to be the first Payment Service Provider (PSP) to offer merchants with one solution fo their online payment needs.