South African fintech company Adumo has announced its acquisition of point-of-sale company GAAP for an undisclosed amount. The deal is subject to approval by the Competition Commission.

The acquisition of Sureswipe complements existing payments companies under the CTS platform and establishes the largest independent payments card acquiring company in South Africa.

“SureSwipe’s new Integrated Payment Solution
means that our average transaction now takes just 2 seconds
to process, which has changed our business.”

The South African financial technology company that brought card-payment systems to smaller businesses as far back as 2008 has just announced a new integrated payment solution that will benefit franchise store owners and larger independent retailers. Sureswipe is SA’s first independent payment service provider to offer a fully integrated payment solution.

Paul Kent, managing director of Sureswipe, says: “Our new Integrated Payments product has been developed for higher volume businesses that use a Point-of-Sale system. It reduces manual hours spent on reconciliations, makes customer payments quicker and safer, and cuts both costs and complexity. We have brought functionality and efficiency to a market where in the past it would have been cost-prohibitive to implement.”

As a new generation jostles for faster and easier means of payment, businesses need to capitalise on new market opportunities. We asked Sureswipe’s marketing executive Ondina Pires and M-Pos GM Alwyn Fourie to discuss the business of breaking into emerging markets.

This acquisition is the first step in a cutting-edge strategy that aims to provide merchants with a more streamlined process, and make the payment method far simpler for consumers, by allowing them to use any payment method via one pay-point, without the administrative hassle and crippling costs to the merchant.

This will mean a single point of contract and contact for fully-integrated payments; a monumental move in the efficiency and effectiveness to facilitate payments.