Polygon, a blockchain network driving global payments and RWAs, has announced a strategic collaboration with Flutterwave, a fintech firm offering a payment infrastructure for global merchants and payment service providers across Africa. According to the announcement made today, Flutterwave selected Polygon to function as a default blockchain platform to operate its new cross-border payments product.
Flutterwave is an African-based fintech firm, providing payment infrastructure that allows individuals and businesses to process, accept, and distribute payments across borders. Its platform allows individuals and businesses to send and accept payments through several methods across African nations and abroad.
Flutterwave Enables Customers to Access Stablecoin Liquidity
The partnership will enable Flutterwave to integrate Polygon’s high-speed, low-transaction cost blockchain infrastructure into its payment network to facilitate stablecoin transactions for merchants and consumers. This integration is set to enable businesses and ordinary customers on the Flutterwave platform to obtain and send payments using stablecoins.
Polygon was selected due to its low-cost and rapid settlement capabilities. Polygon, a L2 scaling solution built on Ethereum, is renowned for its low network fees and near-instant settlement and its ability to power global payments and RWA systems with seamlessness.
As stated in the announcement, Flutterwave will integrate Polygon gradually, beginning with a pilot program for a select group of merchants this year. By 2026, the new cross-border payment solution will be available for all businesses and ordinary customers through Flutterwave’s Send App, improving remittances and allowing more efficient cross-border payments.
With Polygon’s low-cost, fast-processing transactions and cross-chain capabilities, its integration will enable more rapid and affordable cross-border payments for Flutterwave’s wide-ranging network of global multinational companies like Uber, Audiomack, and many others.
Polygon Blockchain: Revolutionizing Africa’s Cross-Border Payments
Cross-border payments are part of Africa’s economic backbone, yet still face inefficiencies and high costs. By collaborating with Polygon, Flutterwave is bringing a new solution that makes global payments more seamless and cost-effective than several local methods, thus unlocking new economic opportunities across the region. The collaboration aims to solve major challenges in Africa’s $2 trillion cross-border payments market, where customers and businesses experience some of the highest transaction costs internationally, often exceeding 7% per transaction, including lengthy payment processes. By taking advantage of Polygon’s almost instant settlement and sub-$0.01 transaction costs, Flutterwave provides its customers with an advanced user experience.
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