In an era where consumer financial wellbeing should be of paramount importance, Happy Pay is redefining the Buy Now, Pay Later (BNPL) landscape and bringing a modern, meaningful approach to financing.
Just launched, Happy Pay has over 15 000 users already, setting a new standard in the payment industry. With traditional BNPL systems often operating in regulatory grey areas and relying on high late fees, Happy Pay is rooted in proactive and responsible lending.
BNPL should offer a flexible option to split payments, which are transparent, tech-forward and controlled to manage short-term expenditure without the fear of spiralling into prolonged debt.
“Millennials and Gen Zs are gravitating towards BNPL over traditional credit cards, driven by their desire for transparency, convenience, and a wariness of long-term debt. They’re finding BNPL aligns with their financial and technological preferences, but they may not realise that flexible payment options are not necessarily alike,” says Wesley Billett, one of the founders and CEO of Happy Pay.
Local celebrities have also joined forces to launch this fresh fintech, with founders of Happy Pay including model and MC, Ayanda Thabethe, fashion blogger and stylist, Sarah Langa, actor and comedian Siv Ngesi, entertainer and entrepreneur Boity Thulo, and actor and personality Maps Maponyane.
“We believe in empowering our customers through knowledge, and throughout the entire process, we provide valuable insights into their credit scores and key financial indicators, ensuring they fully comprehend their significance,” says Maponyane, commenting on the ethos of sustainable finance, behind the Happy Pay brand.
Some local BNPL providers are not as thorough in the credit vetting process and require twice-monthly payments, which can be problematic for many South Africans who are paid monthly. Missed or late payments also attract costly fees. “This is not what sustainable lending looks like,” Maponyane adds.
“Happy Pay is at the forefront of what we term ‘Buy Now Pay Later 2.0’ or ‘next-generation BNPL’ in South Africa, and we’ve been blown away by the market’s reception so far.”
While the BNPL sector remains unregulated in South Africa, Happy Pay’s commitment to responsible lending is two-fold: To safeguard vulnerable consumers and ensure financial stability against bad debts. Happy Pay is pioneering the use of bank statements, credit union data, open finance data and other proprietary alternative data collection to ensure a full view of a customer’s affordability.
“This allows us to proactively and responsibly assess a client’s borrowing capacity at any given moment, ensuring that they can comfortably meet their Happy Pay instalment commitments and can be clear on what they still owe,” adds Billett.
Among Happy Pay’s innovations within the BNPL sector is its strategic alliance with the South African Credit Reporting Association (SACCRA). “Happy Pay will be one of the first BNPL providers to report customer payment behaviour to the credit bureaus enabling our customers to not only access the benefits of this service but also to enhance their credit scores with each instalment. It’s important for Happy Pay to champion the best possible value for customers, and the planet, in every aspect of our product,” says Maponyane.
Similar to international BNPL provider, Zilch, Happy Pay is excited to disrupt- and innovate the local BNPL sphere, challenging the norm on flexible and sustainable lending.
“At Happy Pay, we see environmental stewardship as every brand’s duty. For that reason, we pledge 1% of our revenue to planting Spekboom to address the carbon footprint of our transactions,” adds Maponyane.
Proudly South African, one hectare of fast-growing Spekboom can absorb between four and ten tonnes of carbon per year, making this resilient plant a perfect component in Happy Pay’s greener promise. Through the company’s ‘Happy World Pledge,’ merchants can seamlessly match Happy Pay’s commitment, magnifying the collective environmental impact of using this service.
Happy Pay represents a bold leap forward towards a more secure, responsible, and customer centric BNPL experience. “We are thrilled to lead the way and set the bar higher for the industry,” concludes Maponyane.For more information, visit www.happypay.co.za