Flutterwave Integrates Polygon for Cross-Border Payments in Africa

Flutterwave, a major payments provider in Africa, has partnered with Polygon to enhance cross-border transactions by utilizing blockchain technology. This collaboration aims to reduce costs and expedite payment processes, benefiting global companies operating across more than 30 African countries. The integration is set to commence with business clients, including prominent firms like Uber, in a pilot phase later this year, with plans to extend the service to individual consumers by 2026. Flutterwave emphasizes the need for swift and affordable payment options in regions where current fees exceed 8%, causing potential financial disruptions for businesses. The shift towards stablecoins, which are cryptocurrencies pegged to fiat currencies, is seen as a solution to these inefficiencies, striving to make international payments more seamless and cost-effective. This initiative reflects a broader trend of financial institutions leveraging stablecoin technology to resolve enduring challenges in payment systems.

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