As for Monsterpay, it works like this:

Setcom/Monsterpay
Very similar to Paypal. You register with Setcom, (it's quick and online), they check your credit cards, which you may register and later verify to speed up future payments through Setcom-enabled web sites. The difference between Paypal and Setcom is simply that Paypal does not fully operate in South Africa yet due to exhange control regulations, whereas Setcom has a South African bank presence, and hence may operate locally.