Alipay expands its footprints into Africa it partners with San Francisco and Lagos-based fintech startup on payments between Africa and China
Flutterwave has recently partnered with Chinese e-commerce giant company Alibaba to offer digital payments between African merchants and Alipay.
Flutterwave is a Nigerian-founded B2B payment services for companies in Africa to pay other companies in the continent and abroad. It provides payment solutions for payment service providers, merchants and pan-African banks. Flutterwave’s API allows commercial lenders and businesses to process payments across the continent cheaply and smoothly.
Alipay is Alibaba’s payments and digital wallets platform. It currently claims a global network of over a billion active users after surpassing PayPal in payments volume in 2013.
The partnership between Flutterwave and Alipay follows the participation of Flutterwave’s CEO, Olugbenga Agboola, in Alibaba’s eFounders Fellowship Program. With this partnership, Flutterwave’s 60,000 merchants will be able to accept Alipay as a payment method and tap into the vast pool of Alipay’s over 1 billion users. On the other hand, the Hangzhou-based firm will have the opportunity to expand its merchant network in Africa.
According to Agboola, “there’s a lot of trade between Africa and China and this integration makes it easier for African merchants to accept Chinese customer payments”. Flutterwave, in a company release, claims that to connect Africa to the world, it needs China, hence the partnership.
Flutterwave will generate revenue from the partnership by charging its standard 2.8% on international transactions.