Browsing: digital payments in Africa

Digital payments in Africa
  • An infusion of new investments and regulatory transformations is shaping financial interactions and digital payments in Africa.
  • Africa’s digital payments operations produced around $24 billion in revenue in 2020, comprising domestic and cross-border payments.
  • For Africa’s digital transition to run smoothly, a cohesive environment that ensures investment and funding remains necessary.

Human commerce constantly seeks more efficient exchange mediums, and this innovation is currently intensifying. Consequently, how individuals pay for products and services has changed dramatically in the 21st century. Digital payments in Africa are gradually replacing cash, and cryptocurrencies and virtual currencies have lately emerged as substitutes for conventional money concepts.

Africa has kept up with, and in some instances led, technological advancement. An infusion of new investments and regulatory transformations is shaping financial interactions and digital payments in Africa. Cash remains king in Africa. However, research indicates that its dominance may be challenged in the future years as …

Flutterwave enables Google Pay for African businesses. www.theexchange.africa

Online payment solutions are immensely beneficial for their users, both customers and merchants alike. Online payments help reach global customers, reduce the cost of transactions and provide payment security (compared to cash payments). They create a more pleasant experience for the users who need not rush to banks and malls to buy or pay for their needs.

Pan-African fintech giant Flutterwave has kept its promise about Google Pay, as users of the global payment service can now use it for transactions with merchants on Flutterwave’s stores.

Google Pay was designed to enable users’ safe, seamless, contactless payments. It uses near-field communication (NFC) technology to facilitate fund transfers for retailers in physical stores. Users can also save their card details into the Google Wallet service and make online or in-app payments.…

Cellulant driving Africa's Payments Transformation Through Fintech Partnerships www.theexchange.africa

Payments have historically been a complex problem for African businesses and the banks serving them.

For this reason, companies need to collaborate with many partners to process the numerous types of payments that customers use. This is necessary since each nation prefers a different group of payment alternatives.

Card payments, an area in which banks perform exceptionally well, have a shallow level of penetration, which presents a challenge for banks considering the size of the population without a bank account and the popularity of mobile money.…

DPO Group new partnerships to ease digital payments in Africa. www.theexchange.africa

The licensing follows a solid end to 2021, which saw DPO partner with a global leader in travel technology, Amadeus. Customers can now accept local payments, including via mobile money and card payments, allowing international airlines to operate locally and African airlines to expand globally. As a result of the partnership, DPO is connected to multiple regional and international airlines via Amadeus’s airline passenger system.

DPO Group plans to Further extend its growth in 2022, targeting new product innovation and territory launches.

The increased partnerships momentum follows the 2021 landmark acquisition by Network International, a globally renowned facilitator of e-commerce in the Middle East and Africa region.…