In a world where digital payments is slowly becoming the norms, talks about creating digital payment products that pays attention to convenience, security and frictionless services has taken centre stage. This is exactly what Flutterwave is trying to achieve with it's new improved "Pay with bank" method.
Flutterwave has joined forces with Mono to improve its pay with bank method. The improved payment method will make more banks available to digital shoppers on Flutterwave, thanks to Mono’s open banking platform which connects banks to customers and businesses in Africa.
Flutterwave's integration with Mono gives the payment company access to more banks than was previously possible.
Flutterwave's pay with bank method is similar to what Ozow is doing in South Africa with bank accounts and an improvement on its "Pay with Bank Transfer". While Flutterwave's Pay with Bank Transfer allows you pay through your bank by giving a customer a bank account number to pay into, Pay with Bank automatically debits the payment from your account when you authorise.
The Flutterwave-Mono Pay with bank channel is only available in Nigeria, for now. This will be available in other countries where merchants collect payments with Flutterwave, soon.
Nigeria in focus
GDP: $432.294 billion in 2020 compared to $448.12 billion in 2019
Population: 206,139,587 in 2020 compared to 200,963,03 in 2019
GDP per capita: $2,097 in 2020 compared to $2,229 in 2019