AliPay, the digital wallet and payment technology from global marketplace giant Alibaba.com, has tied up with FlutterWave, a payment processing site based in Lagos and San Francisco. The business agreement allows AliPay’s merchants to easily receive and make payment to FlutterWave’s 600,000 merchants.
AliPay is the world’s largest mobile and online payments platform. It’s processed more payments than PayPal and currently has more than 1 billion active users.
Founded in 2014, FlutterWave provides technology, infrastructure and services that lets merchants, payment service providers and Pan African banks accept and process payments through any channel. With users spread across Uganda, Kenya, Nigeria, South Africa, Rwanda, Ghana and the U.S., FlutterWave has processed 100 million transactions worth $2.6 billion.
AliPay has always had its eye on providing a globally accessible payment integration platform for its users. Its attempt to buy money transfer service MoneyGram in 2018 was sunk by the U.S. government.
This tie-up with FlutterWave is a symbiotic deal and presents an opportunity for both businesses to capture a sizable chunk of the estimated $200 billion China-Africa trade. FlutterWave’s African merchants will now be able to pay their Chinese counterparts directly with local currencies.
“There’s a lot of trade between Africa and China and this integration makes it easier for African merchants to accept Chinese customers’ payments,” FlutterWave CEO Olugbenga Agboola said.
Agboola’s was accepted into Alibaba’s Africa eFounders Fellowship last year. In recent times, Alibaba’s founder Jack Ma seems focused on mining Africa’s potential. He announced a $1 million Africa Netpreneur Prize for African start-ups and founders in March.