New! Pay with iPay on loot.co.za
What is iPay?
iPay is an automated electronic funds transfer (EFT) payment processor that allows for electronic funds to be transferred inter-bank directly into a seller’s bank account, in real-time. Currently iPay can process an Instant EFT when shoppers have accounts with South Africa’s six major banks in South Africa: ABSA, FNB, Nedbank, Standard Bank, Capitec and Investec.
It takes the hassle out of manual EFT payments.
How it works:
- Select iPay as your payment option during checkout.
- Select your bank from the list presented.
- Login using your internet banking credentials.
- Select an account to pay from.
- The automated process will navigate and populate the relevant fields on your behalf in the background.
- Your bank will send you an OTP (one-time password) or mobile authentication to your mobile phone to verify the payment.
- Once you have successfully authorised your payment, the transaction is marked as complete.
- Pay sends a notification to the seller on the outcome of the transaction and in turn, the seller will process your order immediately. There is no need to send through a proof of payment and no need to wait for the funds to reflect in the seller’s bank account.
What are the Benefits of using iPay?
You have a lot of advantages. In particular, you can expect:
you don't require a credit card
faster delivery of the goods you order online, as the supplier will receive confirmation of the transaction immediately
all of Loot's banking information will be automatically populated.
That's what makes this payment method so convenient.
Is it safe?
i-Pay has a Thawte EV SSL encryption certificate which gives our payment processing service an extremely high level of security, ensuring that all messages travelling between your browser and i-Pay are encrypted
iPay acts as a proxy between the buyer and the bank to facilitate a faster, safer and easier payment process for both the buyer and the seller
Your online banking login details are NOT stored by iPay
Thanks to the two-factor authentication procedure (with confidential login details and confirmation code) using iPay is more secure than paying with a credit card