Paystack Expands to 4 African Countries with Innovative Virtual Terminal

Paystack, a leading fintech company, expands its reach to four more African countries with the launch of its innovative Virtual Terminal, a QR code-based payment solution that simplifies transactions for merchants and customers.

Paystack, a prominent Nigerian fintech firm and a member of the Stripe family, has announced a significant expansion into four additional African countries: Côte d’Ivoire, Ghana, Kenya, and South Africa. This move is accompanied by the introduction of Paystack’s Virtual Terminal, a groundbreaking payment solution that is set to revolutionize how businesses and consumers transact in these regions.

Virtual Terminal: A Game-Changer in Payments

The Virtual Terminal is a QR code-based system that enables merchants to create unique QR codes for their staff, such as cashiers, delivery drivers, and sales agents. Customers can simply scan these QR codes to initiate payments using a variety of methods supported by Paystack, including mobile money, credit/debit cards, and Apple Pay.

This innovative solution offers numerous benefits for both merchants and customers:

• Simplified Transactions: QR code payments eliminate the need for physical point-of-sale (POS) terminals, making transactions faster and more convenient.
• Instant Notifications: Staff members receive instant WhatsApp notifications upon successful payments, ensuring real-time confirmation for both parties.
• Enhanced Flexibility: Merchants can easily manage QR codes, deactivate them as needed, modify linked WhatsApp numbers, and set up multiple notification recipients.
• Cost-Effective: The Virtual Terminal significantly reduces the operational costs associated with managing multiple physical POS devices.

The Virtual Terminal was first launched in Nigeria in 2021 and has since proven instrumental in helping businesses of all sizes efficiently process in-person payments. This expansion brings the same convenience and efficiency to merchants and consumers in four new African markets.

Tailored Payment Options

Recognizing the unique payment preferences of each country, Paystack has ensured that the Virtual Terminal offers a diverse range of options. Customers in Côte d’Ivoire, Ghana, Kenya, and South Africa can choose from various mobile money services, credit/debit cards, and even Apple Pay, making the payment experience seamless and tailored to their needs.

Paystack’s expansion and the introduction of the Virtual Terminal are further evidence of the company’s commitment to driving financial inclusion and modernizing payment infrastructure across Africa. The acquisition by Stripe in 2020 has bolstered Paystack’s resources and capabilities, allowing it to accelerate its growth and innovation.

With the recent acquisition of a switching and processing license from the Central Bank of Nigeria, Paystack is poised to play an even more pivotal role in the African fintech landscape, providing secure and reliable payment solutions that empower businesses and consumers alike.