Capitec has agreed to open its Capitec Pay platform to competing payment service providers, and not to favour it over the banking industry’s shared instant-payments rail, as conditions for regulatory approval of its acquisition of payments fintech Walletdoc. Capitec Pay is the bank’s proprietary pay-by-bank product, which lets merchants accept online payments without customers entering card details. Walletdoc is a registered third-party payment provider and system operator that offers Capitec Pay to its merchants alongside card payments, EFT-based payments and PayShap. It owns a payment rail that rival PSPs need in order to offer their merchants a Capitec payment option, and it will own a PSP competing against those same providers for merchant business. It provides payment gateway, payment orchestration and merchant acceptance services, primarily for e-commerce but also enabling card acceptance through point-of-sale devices.