Stitch has completed the acquisition of ExiPay, a provider of in-person payment solutions, in a move to enhance its enterprise payment services.
Based in South Africa, Stitch is an open banking and payments firm.
The financial terms of the deal were not disclosed.
The latest move enables Stitch to unify online and in-person payment capabilities under a single platform. This is expected to meet the growing demand for seamless and integrated payment experiences in South Africa and other markets.
Through the integration of ExiPay, Stitch expects to provide a comprehensive solution for multi-lane retail and omnichannel commerce businesses. The platform enables enterprise merchants to manage online and in-person payments with a reliable and flexible system.
Stitch’s in-person payments solution supports card-present transactions, allowing merchants to use their existing payment terminals or certify new devices with point-to-point encryption (P2PE) certification.
Merchants can also offer alternative online payment methods at the point of sale, supported by all major acquiring banks.
The integration process is straightforward, and merchants benefit from the same reliability and dedicated support offered to its online payment clients, said the South African company.
Stitch co-founder and president Junaid Dadan said: “We’re excited to bring the ExiPay solution into the Stitch payments suite, enabling enterprise merchants to offer a seamless and reliable payments experience no matter where their customers choose to shop, and manage all their transactions in one place.
“ExiPay has built a strong solution that, combined with our existing online payments platform, will allow us to serve our clients from a much more holistic perspective, supporting them across every payments touchpoint they have with their customers.”
During the transaction, ExiPay held contracts with several enterprise clients and payment service providers across South Africa and other African markets. This includes omnichannel retail firm Bash, operated by Foschini Group (TFG).
Following the acquisition, Stitch will serve Bash’s online and in-person payment needs while continuing to support ExiPay’s existing client base.
Stitch’s in-person payments solution ensures reliability for card-present transactions through direct integration with multiple banks and networks. This results in automated failovers and higher system uptime.
Additionally, merchants can use Stitch to offer various online payment methods, whether at the point of sale or through e-commerce platforms.
The solution caters to diverse business needs, including physical retail stores, businesses operating both online and in-store, and omnichannel merchants seeking to unify their payment systems.
It also serves sectors like financial services and gaming, which require payment acceptance for wallet top-ups or other transactions in both physical and digital environments.
