US EditionStablecoin News: Polygon (POL) to Power Flutterwave's Cross-Border Payments in Africa
The partnership aims to reduce average cross-border payment fees of over 8%, enhancing speed and affordability using stablecoins on blockchain technology.
- On Thursday, Flutterwave, one of the largest payments firms in Africa, tapped Polygon Labs to embed Polygon as the default network under its new stablecoin-based payment system.
- Payment frictions in African markets, including delays and over 8% fees, have forced businesses to wait days for funds, risking lost working capital and growth opportunities.
- Later this year, the rollout will target multinational clients including Uber and Audiomack, with a broader release planned next year for Flutterwave's Send App for retail remittances.
- This places Flutterwave among other financial players pursuing stablecoin solutions, as PayPal and Stripe build blockchain payment systems and Western Union plans a stablecoin roll-out next year.
- Routing payments onchain could lower costs and speed settlement, which benefits businesses in emerging countries as stablecoins grow to a $300 billion asset class.
25 Articles
25 Articles
Flutterwave and Polygon to Launch Africa-Wide Stablecoin Payments
Nigeria’s leading fintech, Flutterwave, has teamed up with Polygon Labs to launch a stablecoin-powered cross-border payment network spanning 34 African countries, Bloomberg reported Thursday. The network will leverage Polygon’s Ethereum-compatible infrastructure to speed up transactions and reduce settlement costs. Flutterwave CEO Olugbenga Agboola said the initiative could “10x” the company’s current payment volumes by bypassing traditional ban…
African unicorn Flutterwave to allow stablecoin transfers
African payments startup Flutterwave will begin offering the transfers of stablecoins on its network, using blockchain technology provided by US company Polygon Labs.Flutterwave has focused on processing fiat currency payments for businesses across more than 30 African countries, serving companies like Uber and Microsoft. Its embrace of stablecoins — a type of cryptocurrency whose value is tethered to fiat currencies such as the US dollar — alig…
Flutterwave joins forces with Polygon as primary blockchain partner for cross-border payments
Polygon Labs has announced that Polygon PoS, the premiere blockchain for payments and Real World Assets (RWA), has been selected by Flutterwave, Africa’s largest payments infrastructure that has processed over $40bn in transaction volume to date, to serve as the default blockchain network to power its new cross-border payments product. The partnership positions Polygon’s infrastructure as foundational to payment flows globally, and marks a water…
Flutterwave Plans Pan-African Crossborder Payments in Stablecoin
Nigerian financial-technology firm Flutterwave Inc. plans to allow payments on its platform using stablecoins – digital tokens pegged to the dollar — as businesses seek to bypass traditional providers that are slower and more expensive.
A Nigerian company says that the adoption of this type of cryptocurrency will boost the flow of resources to Africa.
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