Reference
Plain-language definitions of BNPL, DebiCheck, open banking, and South African credit card terms. No jargon, no asterisks.
A payment method that allows a consumer to purchase a product or service and pay for it in installments over a set period rather than in a single upfront payment. BNPL products typically charge the merchant a facilitation fee, allowing the consumer to pay at 0% interest. Float is a BNPL product for existing credit card balances.
South Africa's authenticated debit order system, introduced by the South African Reserve Bank and the Payments Association of South Africa (PASA). Unlike traditional debit orders where disputes often arise from unauthorized charges, DebiCheck requires the account holder to confirm each debit mandate via their mobile banking app before the first collection runs. Float uses DebiCheck for all installment collections.
An authorization that allows a company to debit your bank account on a recurring basis. Under the DebiCheck system, each mandate must be confirmed by the account holder before it becomes active. Float creates a separate DebiCheck mandate for each installment plan you set up.
A structured repayment schedule that divides a purchase amount into equal periodic payments. Float's installment plans run over 3, 6, 12, or 24 months at 0% interest, with payments debited monthly from your bank account via DebiCheck.
A system that allows third-party financial service providers to access bank and financial data with the account holder's consent, using secure APIs. In South Africa, providers such as Stitch and FinFlux enable open banking connections that allow Float to read your credit card statement to identify eligible transactions for splitting.
A type of credit that allows a borrower to carry a balance from one period to the next, paying interest on the outstanding amount. Most South African credit cards carry revolving credit at annualized rates of 20-22%. When you do not pay your full statement balance, the remaining amount revolves and accrues interest at this rate.
Float's primary use case: converting a transaction that already appears on your credit card statement into an installment plan after the fact. Unlike checkout BNPL products that require you to select a payment method at the point of purchase, split-from-statement works on transactions you have already made — up to 30 days after they posted.
South African open banking data aggregation platforms. Stitch and FinFlux provide APIs that allow fintechs like Float to access bank and card statement data securely with consumer consent. Float uses these providers to identify eligible transactions on your credit card statement.
A South African payment gateway used to process online payments. Float uses PayFast as part of its payment collection infrastructure to process installment debits and manage payment flows between Float, cardholders, and the DebiCheck system.
South Africa's primary legislation governing the credit market. The NCA regulates who can extend credit, at what terms, and with what consumer protections. BNPL products in South Africa that involve deferred payment obligations are subject to NCA requirements depending on their structure.
Protection of Personal Information Act — South Africa's data protection law, broadly equivalent to the EU's GDPR. POPIA governs how organisations collect, process, store, and share personal information. Float complies with POPIA in all its data handling practices.