Fintech companies Float and Adumo team up to provide flexible in-store payment solutions in collaboration with mainstream retailers in South Africa
In a groundbreaking move, South African fintech startups Float and Adumo have joined forces to expand consumer payment options, particularly for in-store retail experiences. This collaboration will enable customers to split their purchases into four interest-free monthly installments when shopping at participating retailers, enhancing payment flexibility and affordability for consumers [1][2][5].
Key benefits of this partnership include:
1. **Interest-free credit card installment payments at physical retail stores**: This innovative feature allows customers to better manage their spending without incurring extra costs [1][2].
2. **Expansion of Buy Now, Pay Later (BNPL) services**: Float's BNPL capability is integrated into Adumo’s extensive payment processing network, one of South Africa's largest independent payment processors [3][5].
3. The initiative addresses growing consumer demand for smarter financial management options amid economic pressures, offering a more flexible, mainstream alternative to traditional payment methods [4].
4. Retailers stand to benefit by potentially increasing sales volume and customer reach due to more accessible payment solutions offered on the spot [1][4][5].
In essence, the Float-Adumo partnership is revolutionizing in-store payment solutions in South Africa by making flexible, interest-free installment payments widely available through mainstream retail channels, thereby significantly enhancing consumer choice and financial inclusion in everyday shopping [1][4][5].
Float, founded in 2021, is Africa's first card-linked instalment platform [6]. Adumo, a leading provider of payment solutions in South Africa, empowers businesses with the tools and solutions they need to thrive [7]. Retailers such as Safari Outdoor, Verimark, Cellucity, TOMS, Vision Optometrists, and Tyremart can now offer Float's payment solution, providing their customers with a smarter way to use their credit cards by splitting payments into interest-free, fee-free monthly installments [1][4].
This collaboration between two innovative fintech startups is set to redefine the shopping experience in South Africa, offering consumers a more manageable and affordable way to make purchases while helping businesses increase sales and reach a wider customer base.
- The collaboration between Float and Adumo, two fintech startups, is revolutionizing in-store payment solutions in South Africa by making flexible, interest-free installment payments available through mainstream retail channels, thereby enhancing financial inclusion and consumer choice in everyday shopping.
- By integrating Float's Buy Now, Pay Later (BNPL) capability into Adumo’s extensive payment processing network, the partnership is expanding BNPL services and enabling customers to use interest-free, fee-free credit card installment payments at physical retail stores, thus offering smarter financial management options amid economic pressures.
