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The new cross-border payment system is anticipated to save billions of dollars in annual transaction costs and boost exports in the world’s largest free-trade zone.
Through digitally powered storefronts, merchants learned to incorporate newer and easier ways to reach and engage customers peers traded different types of cryptocurrencies as a way to enjoy financial freedom and hedge their funds against economic instability and more businesses embraced contactless payments technologies for more obvious reasons.
The Africa Payments Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2027, registering a CAGR of XX% from 2022 to 2027.
For African traders, the new Pan-African payments system is a huge relief.
Mastercard, a global payments technology leader, and Network International, the Middle East and Africa’s (MEA) region’s leading enabler of digital commerce, have cooperated to establish a new digital platform that will accelerate the adoption of digital payments across the Middle East and Africa.
CredPal Pay, a BNPL platform developed by a Nigerian consumer credit company, has been launched on the African market.
Through Buy Now, Pay Later services, the offering promises to assist businesses in growing faster and increasing revenues.
CredPal Pay supports QR code payments, BNPL choices, a checkout plugin that allows merchants to upsell on their websites, and an integrated management system that allows vendors to examine orders and settle payments.