PayFast announced its rebrand with a new fresh look and feel of its logo however, it doesn’t there. The makeover also represents a new offering for the payment platform, PayGate and SID – whose respective brands have been dissolved – under Network International.
The company unveiled their new look and feel logo at their at an exclusive media roundtable event held at the organisation’s new headquarters located in Cape Town, Mother City.
“We wanted to create a new brand that was fresh and energetic – one that everyone we’ve brought together will associate with, both internally and externally – one that still speaks to the South African market, but can cater to markets outside of South Africa as well,” says Managing director at PayFast, Brendon Williamson.
Now the payment platform houses PayGate, SID and Network International under one roof with a staff complement of 290.
“Because we now have different payment rails that we can potentially explore in terms of capabilities and solutions that we can build and offer merchants, it allows us to be a lot more diverse, a lot more exploratory in terms of our approach in terms of payments and allows us to offer consumers a better service by making their payment processes a lot more friction-less,” Williamson.
PayFast now plays with the big boys in the fintech and banking industry.
“We’re a processing company. We provide technology to banks, retailers, telcos and other fintechs to enable them to operate in what is obviously a very highly regulated and often complex payments environment,” said Williamson.
He adds: “Then we’ve got the acquiring side: which is where we, as a network, compete with the banks and actually provide acquiring language and services directly to merchants in South Africa. The new PayFast organisation fits into that acquiring side, because we at Network International have a direct relationship with merchants.”
The company says it will not move away from its core business which is little guys, small and medium enterprises.
“Prior to the consolidation, we were very much focused on the micro SME merchants in terms of enabling online payments. We were an aggregator allowing smaller merchants to easily readily access the online space, which was ideal for start-ups.”
“Now we’re becoming a little more sophisticated in that we are focusing on the large enterprise merchants who don’t have their own capabilities with their own banking partners to facilitate that process,” concludes Williamson.