Alipay is Alibaba’s digital wallet and payments platform. Flutterwave is a B2B payments service for companies in Africa to pay other companies on the continent and abroad. A large portion of Alipay’s network is in China, which makes the Flutterwave integration significant to capturing payments activity around the estimated USD 200 billion in China–Africa trade. Moreover, the collaboration also tracks a trend of increased presence of Chinese companies in African tech.
Founded in 2016, Flutterwave allows clients to tap its APIs and work with Flutterwave developers to customise payments applications. Existing customers include Uber, Facebook, Booking.com, and Jumia.com. Flutterwave has processed 100 million transactions worth USD 2.6 billion since inception, according to company data.
According to TechCrunch, Flutterwave will earn revenue from the partnership by charging its standard 2.8% on international transactions. The company currently has more than 60,000 merchants on its platform, and this partnership follows one between Flutterwave and Visa earlier in 2019.
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