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Flutterwave — An Online Payment Technology Solution - Business - Nairaland

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Flutterwave — An Online Payment Technology Solution by Ipsum: 11:36pm On Sep 28, 2019
In the not so distant past, making online payment transactions was not for everybody. It was reserved for the big boys. Making online payments was held in the same revere as was using a blackberry device a decade ago before android came and issued it a technical knock-out.

As technology advanced and became easily accessible — mainly through smartphones — so did making online payments for anybody with only a bank account and a mobile device. The rise of e-commerce globally also made it clear that it was now necessary, more than ever, for the financial system of payments to be included as an integral part of mobile device daily use. Thanks to this foresight and progress, you now can sit on the toilet and order a bottle of wine with the click of a button while rolling a tissue. Making cashless online transactions have become so convenient that some become very ambitious with it like Australian man who, in May 2006, tried to sell the entire sovereign country of New Zealand on eBay. The winning bid was at A$3,000 before eBay pulled it from auction on their website. New Zealand, count your stars lucky.

Buying and selling online has become so simple that it has changed our lives in so many ways, and for that, it is pertinent to mention some of the technologies that have made this stride possible and secure for everyone: one of which is Flutterwave, an online payment technology solution, founded by Iyinoluwa Aboyeji & Olugbenga Agboola.

Flutterwave describes itself as a payment technology company focused on helping banks and businesses provide seamless and secure payment experiences for customers. So integral has their technology become to pay online in Nigeria that it was reported Flutterwave processed about $2.5billion transactions for clients through its platform as at 2018. Now one year later, and considering how Flutterwave is pitching itself to become the number one payment gateway in Nigeria for people who want to pay online for goods & services, it will not be far-fetched to guess that figure would have botched up significantly.

Their online presence is solid, as hardly a day goes by you wouldn’t see their mention on Tech-twitter. They are also well integrated into the tech community and seem willing to not just generate revenue, but also support the growth of the tech community if the recent job-fair they held at their headquarters for the laid-off Andela staffs is anything to go by. Flutterwave’s technology is rock-solid good, too. An impressive portfolio that includes big players like Uber, Facebook, Transferwise, Flywire, Booking.Com, and huge investors like MasterCard, Omidyar Network, & Ycombinator, only comes deservedly and shows how far Flutterwave has come and where it intends to go.

In today’s world saturated with an embarrassing abundance of Fintech and financial technologies that continue to spring up by day, it can become quite challenging to know what works and works really well. And since we are talking about real, actual money here, not ludo seeds that can easily be replaced, not many people possess the courage to experiment with different payment technologies until they discover what really works, because well, you might just be one click away from going back to the village. I mean, we don’t even trust ATM machines that have been with us for a very long time now. We still count the cash for final confirmation just in case, you know, the machine wants to reap where it did not sow.
Safety is very important in business, and Flutterwave has made sure they’ve given safety & online security top priority. The Chief Executive Officer, Flutterwave, Olugbenga Agboola, in an interview said they are PCI level-one licensed by PADSSS, which, according to him, is the highest security level a financial online payment technology can have.

Apart from being a merchant involved in online payment processing, Flutterwave claims to help your business grow, providing businesses with the platform to help them grow with modern payment products like — Barter by Flutterwave, Fly by Flutterwave & Rave by Flutterwave.

Rave by flutterwave
Rave, as described on their website, “is the easiest way to make and accept payments from customers anywhere in the world.” This product is geared towards businesses and organizations that want to manage payouts for hundreds of people in an organized and secure way. Rave can also provide businesses with a simple payment link without the hassle normally associated with generating such through other platforms. Rave also provides 24/7 customer service for businesses, reasonable fees, and promises of a zero failed transaction. Keeping all these in mind, it is no surprise that Flutterwave is beginning to look like the Rave of the moment.

Fly by Flutterwave
Fly by Flutterwave, was unfortunately not accessible on the website as at the time of this report. But an article from vanguard dated 2018 described the partnership with Flywire as a solution to enable Nigerians and Africans to make cross-border payments anywhere in the world. One of which includes paying international school fees for Nigerian students in naira directly from home. This is welcome development considering the hassle that normally involves such a process. As Fly by Flutterwave begins to bridge the gap for cross-border payments, it is our hope that it is not used for more than what it was intended for when orders for luxury goods like Uk-used boyfriends & girlfriends start rolling in. Our Minister of Agriculture, Mr. Audu Ogbeh, alleging that Nigerians order pizza from London through British Airways and pick up in the morning, is a quick reminder of what we can do.

Barter by Flutterwave
Barter by Flutterwave is designed to help you manage your finances. It is engineered to help you focus more on enjoying life and less on how to spend. It also comes with extras like the ability to borrow money which I’m sure a lot of Nigerians would love until they remember technology understand “Abeg give me till next week. I never chop since last week.”

Barter can also help you make payments and manage your subscriptions. It has this nice “Near-by” feature that allows you to find friends near-by and quickly pay them back or ask for lunch money. But good luck detecting I’m nearby and asking for chicken & chips money, because as Peter denied Jesus three times, so will I deny you if I have to.
Notable of Barter by Flutterwave’s features is the ability to help you manage your finances which I particularly like. It has this nice visual, interactive interface that appears in the form of a pie chart which can quickly raise an alarm if you’re beginning to spend too much in Amaka.
Barter has so far more than 30,000 users, and given how well neat & organized it helps people make payments and manage their finances, it is safe to say more and more people will continue to trade by Barter.

Tech in Nigeria is growing every day. Startups continue to pop up in different corners of the country like ripe pimples on a rampage. Fintech apps and online payment technology solutions represent a sizeable chunk of that startup ecosystem by far, and more will continue to enter the market. Nigerians generally have trust issues when it involves their money, so in this market, it will be the survival of the fittest. Progress and years of hard work can be marred by one mistake that will snatch that closely guarded trust back, possibly forever, irrespective of track record.
So it is very important for Flutterwave and other players in the industry to always be on their A-game. However, if their track record and the big brands they partner with is factored in this call for caution, it will be safe to assume that Flutterwave can flutter through the wave.

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