Worldpay, a leading payments technology solutions company from FIS, is partnering with Flutterwave. The company will leverage Flutterwave’s technology to process domestic payments, starting with Nigeria and South Africa.
"When we say that we connect Africa to the world and the world to Africa, we mean it. And here’s one way we do that." flutterwave.com
Despite the increasing popularity of digital payments, transborder transactions is still a significant issue. This is the problem the partnership seeks to solve.
According to flutterwave.com;
"Receiving funds for goods or services from bank cards in Nigeria and South Africa, alongside its attending hassles for businesses may dissuade large enterprise businesses from expanding to the continent. This is a problem Flutterwave has extensive expertise on, and little wonder Worldpay is partnering to leverage the available technology in Africa whilst offering their extensive global reach"
It is no news that the role of cash in Nigerian is becoming less relevant. Cash which has been king witnessed a significant decline in 2020, and the role of card payment in transactions is on the rise, as data suggest that card payments are among the four most popular payment methods in Nigeria.
The story is not different in South Africa. The statistics relating to digital payments is even more interesting. South Africa’s eCommerce industry is projected to be worth $9 billion by 2024. There has also been a significant decline below 50% of cash payments in South Africa in 2020 while recording a marked increase in card payments.
Given the trend in both Nigeria and South Africa, there is no doubt that the partnership would significantly improve payments processing for businesses in South Africa and Nigeria and other businesses looking to expand into the market (South Africa and Nigeria).
"Imagine having the ability to pay on thousands more of your favorite websites from anywhere in South Africa or Nigeria? That is the super power that this collaboration offers. Now, you cannot be limited by physical borders. Most importantly, you can sit back and relax in your Lagos, Enugu, Cape Town, Johannesburg etc. apartment and make business connections and transactions across the world, knowing that Flutterwave and Worldpay have given you the power."flutterwave.com.