According to IT News Africa, PayPal has joined forces with Flutterwave to allow PayPal users around the world to pay African merchants through Flutterwave’s platform.
This partnership is predicted to be ‘instrumental’ in supporting SMEs and freelancers to conquer the many challenges produced by the extremely fragmented and complex payment and banking framework, and joining them with more than 377 million PayPal account holders globally.
Traditionally, Africa’s eCommerce ecosystem has lacked suitable payment solutions to satisfy the demand for seamless transactions worldwide, further constraining its inputs to the global digital economy. However, this collaboration promises to exclude significant drawbacks that have formerly hindered African buyers and businesses from the untapped capacity of cross-border eCommerce.
Research firm Statista estimates that the total value of eCommerce in Africa generated $16.5 billion in 2017 and is thought to reach $29 billion by 2022. This growth potential will present many opportunities for SMEs and freelancers worldwide, subsequently increasing Africa’s percentage of global trade.