In the ever-evolving world of online shopping and bill payments, payment options have become as diverse as the products we add to our carts. Online shopping is a major convenience because you avoid traffic and queues, and there are various ways you can pay. You don’t even have to get out of bed to pay for your shopping at checkout.

Credit cards are the most popular payment method, but if you don’t have a credit card or don’t want to use yours at a particular online store, most vendors also accept an electronic funds transfer (EFT) from your current or cheque account. Nedbank has transformed traditional EFTs with bank-level security in every transaction. Welcome to a new era of online shopping.

How EFTs usually work

When you choose to pay by EFT from most bank accounts, the site where you’re shopping usually redirects you to a third-party payment provider (TPPP). You’ll enter your bank account details, and the TPPP will then use that information to perform the transaction between your bank and the online retailer.

While this is a quick, convenient process, it also involves sharing your sensitive information with a third party, which exposes you to potential security risks. It would be safer if you could authorise the payment from your account to the retailer without sharing all your banking details with the TPPP.

How EFTs work when you pay from a Nedbank account

When you pay with Nedbank Direct EFT, the process is swift and seamless. As soon as you indicate that you’re making an EFT payment from a Nedbank account, the transaction is immediately switched over to official Nedbank channels via our EFT application programming interface (API).

An API acts as a bridge between different software applications, allowing them to communicate and exchange data. The Nedbank EFT API allows TPPPs to interact with Nedbank channels without accessing your private information, for your peace of mind. All your personal details, such as account numbers and PINs, remain within Nedbank’s secure digital ecosystem throughout the transaction, providing end-to-end bank-level security with authentication through both in-app and Approve-it messages.

This improved security measure aligns with the broader trend in the financial industry towards bolstering cybersecurity and regulatory compliance, ensuring that transactions are conducted in line with legal standards and industry regulations.

The 2 unique benefits of paying by Nedbank Direct EFT

Security

A Nedbank Direct EFT ensures your peace of mind by conducting the entire payment transaction through Nedbank channels that are protected by bank-grade security and do not share your personal information.

Convenience

You can use a smartphone, tablet, desktop, or laptop to pay using Nedbank Direct EFT at any time of day, from anywhere with internet connectivity. Simply use Online Banking or the Money app.

As online shopping continues to grow more popular in South Africa, security is a major challenge. Find out more about Nedbank Direct EFT, a powerful weapon in the fight against cybercrime and third-party data breaches.

Explore all the benefits of a Nedbank account and digital banking.