The first step in this partnership is the launch of Flostore, supported by a Visa digital wallet and the Flocash pan-African payment platform, which can help small businesses accept digital payments, manage supplies, and access financial services across Africa.
In addition to Flostore, Flocash and Visa will work together to embed financing in payments, and bring the element of analytics, bookkeeping, and reconciliation for small businesses through Visa’s dynamic underwriting capabilities that includes Buy Now, Pay Later structures.
Visa’s officials stated that Flocash has grown as a travel payments processor, and they are happy to partner with them to build innovative payments solutions that reduce friction in commerce for merchants in East Africa.
Flostore Tap2phone capabilities enables small businesses to turn their existing mobile devices into payment acceptance terminals. Tap2phone is a cost-effective mechanism for developing digital payment infrastructure in developing markets.
On the other hand, the CyberSource Payment Gateway technology incorporates all the safety protocols in place to give customers peace of mind as they transact online. It is designed to provide increased fraud protection, minimise cardholder friction, and increase the completion of sales. This helps both merchants and issuers detect and avoid fraud.
Through digitisation, SMEs can use their digital footprint to tap into both traditional and alternative sources of funding to expand commerce while banks lower operating costs as they increase their revenue base. Digitisation of the lending process enables banks to streamline their inefficient processes for SME lending and deliver value to their customers. 82% of small and micro businesses respondents to Visa’s annual outlook survey in 2022 indicated preference for digital payment options, as per the press release.
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