iStore has officially entered the fintech space with the launch of iStore Pay, a dedicated business payment app designed for entrepreneurs and small businesses. By becoming the first partner to launch Tap to Pay on iPhone in South Africa, iStore is enabling local merchants to accept contactless payments directly on their mobile devices.
The solution effectively eliminates the need for traditional point-of-sale (POS) hardware, dongles, or separate card machines, allowing businesses to transact using technology they already own.
The service utilizes the Near Field Communication (NFC) chip within the iPhone to securely read contactless payment methods. To process a sale, a merchant simply enters the amount into the iStore Pay app and prompts the customer to tap their contactless card, iPhone, Apple Watch, or other digital wallet against the back of the merchant’s device.
This system requires an iPhone XS or later running iOS 18 or later. It accepts all contactless Visa and Mastercard credit and debit cards, along with Apple Pay and other major digital wallets. Security is built on Apple’s Secure Element technology, ensuring that card numbers and transaction data are encrypted and never stored on the device or Apple’s servers.
iStore Pay introduces a “pay-as-you-transact” model, positioning itself as a flexible alternative to traditional merchant services that often carry high monthly rentals. The transaction fees start from 2.5% per sale, and there is no hardware cost since the system utilises the user’s existing iPhone.
There are no standard monthly fees, though a R20 monthly charge applies only if turnover falls below R2,000 per month starting in August 2026. Elsewhere, payouts carry a flat fee of R2.99, although iStore is offering free daily payouts as a launch promotion until 31 July 2026.
| Feature | Detail |
| Transaction Fee | From 2.5% per sale |
| Hardware Cost | R0 (Uses your existing iPhone) |
| Monthly Fees | None (unless turnover is < R2,000/pm starting Aug 2026, then R20) |
| Payout Fee | Flat R2.99 (Free daily payouts until 31 July 2026) |
The solution is managed through a standalone app that serves as a central hub for business operations. Beyond just accepting payments, the app allows entrepreneurs to monitor sales history and transaction records instantly through real-time tracking. It also provides tools to manage funds, allowing merchants to view pending payouts and process refunds directly from the interface.
Furthermore, the app provides business insights and data visualisations to help owners understand their sales performance and identify scaling opportunities.
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