What is Ozow (i-Pay)?
Ozow (i-Pay) 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 Ozow (i-Pay) 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 Ozow (i-Pay) 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 Ozow (i-Pay)?
You have a lot of advantages. In particular, you can expect:
- with Ozow (i-Pay) you don’t need to register
- 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 Izami’s banking information will be automatically populated.
That’s what makes this payment method so convenient.
Is it safe?
- Ozow (i-Pay) guarantees the highest levels of security when paying online
- Ozow (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 Ozow (i-Pay) are encrypted
- Ozow (i-Pay) acts as a proxy bloetween 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 Ozow (i-Pay)
- Thanks to the two-factor authentication procedure (with confidential login details and confirmation code) using Ozow (i-Pay) is more secure than paying with a credit card