Flutterwave, a payments technology company based in Africa, said this week that it had chosen Token.io as its account-to-account (A2A) payment infrastructure provider to power pay-by-bank features on its platform.
The move should make it easier for Flutterwave users in the U.K. and E.U. who are from Africa and want to send money back to their home country to do so.
Token.io was started in 2016 and uses open banking to give payment providers the technology they need to offer A2A payments without a team of developers. Payment companies can help their customers pay without a payment card by using a single API. Token.io works with more than 567 million bank accounts in 16 countries, which is more than 80% of all bank accounts.
Flutterwave has added Token.io’s technology to its Collect Payments product to help its clients offer A2A payments to their end users. In the third quarter of this year, the pay-by-bank features will also be offered on Send by Flutterwave, Flutterwave’s platform for international payments.
The new way to pay for things couldn’t have come at a better time. CEO of Token.io, Todd Clyde, says that by 2027, global A2A purchases will be worth more than $6.5 billion per year.
“Our partnership with Token.io will make it faster and easier for people and businesses to send and receive money,” said Olugbenga “GB” Agboola, CEO of Flutterwave. “By working with Token.io to give our customers Account-to-Account payments, Flutterwave will move closer to its goal of connecting Africa to the rest of the world’s economy.”
Flutterwave wants to make it easy and cheap for Africans to pay for things in the digital age. The company takes payments in more than 30 different currencies, and each day it handles an average of 500,000 payments.
Flutterwave offers more than just payment technology. It also has tools for invoicing, business loans, and data. Since it started in 2016, Flutterwave has raised more than $470 million and handled more than 400 million transactions worth more than $25 billion.
Read also: Flutterwave, SHiiP to transform African e-commerce deliveries
About Flutterwave
Flutterwave is the leading payments technology company that enables businesses across the world to expand their operations in Africa and other emerging markets through a platform that enables local and cross-border transactions via one Application Programming Interface (API).
Flutterwave has processed over 400M transactions in excess of USD $25B and serves more than one million businesses, including customers like Uber, Airpeace, Bamboo, Piggy Vest, and others.
The company’s key advantage is connecting businesses to various local and international payment types to enable them to expand globally. It also enables cross-border transactions from the diaspora to African countries via its SendApp product.
Flutterwave processes payments via multiple payment modes, including local and international cards, mobile wallets, bank transfers, and Google Pay. The company has an infrastructure reach in 34 African countries.
About Token.io
Token.io’s A2A payment infrastructure is powered by open banking and built for the payments industry. With the simplest and fastest way to launch Pay by Bank as a core payment method globally, Token.io’s complete infrastructure solution helps payment providers grow their market share in the face of the continued shift from cards to APMs.
Token.io has the deepest connectivity of any provider, reaching 567 million bank accounts (80%+ per market) in 16 supported countries through a single API and interface. It also boasts the industry’s highest performing connectivity. With fast and flexible deployment options, including the option to use Token.io’s licence and conversion boosting payment authentication flows, payment providers can launch A2A capabilities with minimal effort and maximum results.
Token.io’s solution is proven by a blue-chip base of partners, which collectively process payments for tens of millions of merchants worldwide, including HSBC, Mastercard, BNP Paribas, ACI Worldwide, Computop, Nuvei and Paysafe. Token.io is authorized as an AISP and PISP by the FCA in the UK and by BaFin in Germany. Token.io is PSD2 and SCA compliant and PCI-DSS Level 1 and ISO27001:2013 Certified.