- Flutterwave is integrating account-to-account payment infrastructure from Token.io.
- Using Token.io’s technology, Flutterwave will add A2A payments to its Collect Payments and Send by Flutterwave products.
- A2A payments are projected to exceed 6.5 billion in annual global volumes by 2027.
Africa-based payments technology company Flutterwave announced this week it has selected account-to-account (A2A) payment infrastructure provider Token.io to power A2A payments– also known as pay-by-bank capabilities– on its platform.
The move is expected to simplify money transfers for Flutterwave’s African users in the U.K. and E.U. looking to send money back to their home country.
Token.io was founded in 2016 and leverages open banking to offer payment providers the infrastructure they need to launch A2A payment capabilities without a team of developers. With a single API, payment providers can help their end users pay without a payment card. Token.io supports more than 567 million bank accounts– representing more than 80% of bank accounts held– in 16 supported countries.
Flutterwave has integrated Token.io’s technology to help clients of its Collect Payments product offer their end customers A2A payments. The pay-by-bank capabilities will also be available on Flutterwave’s cross-border payments platform, Send by Flutterwave, in the third quarter of this year.
The addition of the new payments method comes at an ideal time. According to Token.io CEO Todd Clyde, A2A payments are projected to exceed 6.5 billion in annual global volumes by 2027.
“Our partnership with Token.io will make it even faster and easier for individuals and businesses to pay and receive money,” said Flutterwave CEO Olugbenga “GB” Agboola. “By partnering with Token.io to provide Account-to-Account payments to our customers, Flutterwave will advance its mission of connecting Africa to the global economy.”
Flutterwave aims to create a flexible and affordable way for Africans to pay in the digital era. The company, which accepts payments in more than 30 currencies, processes an average of 500,000 payments each day. In addition to its payments technology, Flutterwave also offers invoicing technology, business loans, and analytics tools. Since it was founded in 2016, Flutterwave has raised more than $470 million and has processed over 400 million transactions worth over $25 billion.