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Paystack’s entry into the Kenyan market is a significant achievement for the company and the African fintech ecosystem. Kenya is a dynamic and innovative market, with a thriving tech community and a high level of digital and financial inclusion.
The Central Bank of Kenya reports that mobile money transactions hit a record high of Ksh 5.2 trillion ($47.5 billion) in 2020, up from Ksh 4.3 trillion ($39.3 billion) in 2019.
The company is leveraging this enormous potential to provide Kenyan businesses with a superior online payment acceptance solution.
With money transfer firm, businesses can create customized payment pages, embed payment forms on their websites, send invoices and payment requests via email or SMS, and integrate with popular tools such as Shopify, WooCommerce, WordPress, and more. The money transfer firm supports multiple payment methods, including mobile money, cards, bank transfers, USSD, and QR codes.
“We’re excited to bring Paystack to Kenya, and we can’t wait to see how Kenyan businesses will use our platform to grow their revenue and reach new customers. We’ve been testing our product with a select group of beta merchants in Kenya for the last six months, and we’ve been blown away by their feedback and enthusiasm. We’re confident that this money transfer platform will be a game-changer for Kenyan businesses, and we look forward to supporting them as they scale.”
Paystack CEO and co-founder, Shola Akinlade,
Paystack vs MPESA in Kenya
Paystack offers Kenyan businesses several benefits, including receiving online payments from various channels such as Visa, Mastercard, American Express, M-PESA, and Apple Pay.
They can choose to receive payments in KES or USD and have them deposited into their bank accounts or M-PESA wallets. The money transfer firm also supports the Split Payment feature to distribute one payment among multiple accounts or wallets automatically.
How to use paystack on my website
Paystack integrates with several e-commerce platforms such as Shopify, WooCommerce, Zoho, Wix, WordPress and more.
The platform offers recurring payment collections and automated subscription management. Transaction disputes such as refunds and chargebacks are handled from the money transfer firm’s Dashboard. The money transfer platform’s Dashboard and Mobile App allow businesses to monitor their performance in real-time, aiding in accounting, reconciliation, and audits.
The money transfer firm provides custom user permissions to give different team members access to specific parts of transaction data. Automated fraud detection and security features, such as Two Factor Authentication (2FA) and IP whitelisting, protect businesses and their customers.
The money transfer firm fills a gap where popular global platforms like PayPal are not meeting the local needs of customers. PayPal, for instance, is still not available in Nigeria, a bustling market in Africa, and its customer service is virtually non-existent in Africa.
Apps that use paystack and alternatives
This money transfer platform is a popular online payment gateway that provides businesses with a secure and reliable way to accept payments from customers. Some of the alternatives to Paystack in Kenya include Flutterwave, DPO Group, Pesapal, and Jambopay. These platforms offer similar services to Paystack, such as mobile money payments, card payments, bank transfers, and more.
Several mobile apps and websites in Kenya use the money transfer firm as their payment gateway, including Jumia, Uber, and Bolt (formerly Taxify). The money transfer firm has also integrated with popular e-commerce platforms such as Shopify, WooCommerce, and Magento, making it easy for businesses to accept payments online.
Is Paystack free, legit, secure or safe?
The money transfer platform offers a free plan that allows businesses to accept payments online without any transaction fees. However, the money transfer firm charges a transaction fee of 1.5% + NGN 100 for local transactions and 3.9% + NGN 100 for international transactions on its paid plans.
Paystack is legit, safe and secure. The platform is PCI DSS Level 1 certified, which means it meets the highest standards of security for online payments. The money transfer platform uses SSL encryption and two-factor authentication to protect the data of businesses and their customers.
Can paystack account be traced
Yes, Paystack accounts can be traced. The money transfer platform is a regulated financial service provider in Nigeria and operates under the guidelines of the Central Bank of Nigeria, which requires that all financial transactions be traceable.
Flutterwave vs Paystack which is better
Flutterwave is another popular online payment gateway in Africa that offers similar services to Paystack. Flutterwave allows businesses to accept payments from customers using various payment methods, including cards, bank transfers, mobile money, and more.
Flutterwave also offers additional services such as payment disbursements, virtual accounts, and bank transfers.
The main difference between Paystack and Flutterwave is their target market. Paystack primarily focuses on serving small and medium-sized businesses in Nigeria, while Flutterwave operates in multiple African countries and serves both small and large businesses.
Both Paystack and Flutterwave are reputable and reliable payment gateways, and the choice between them depends on a business’s specific needs and preferences.
Does paystack accept paypal
Paystack does not currently accept PayPal as a payment method. However, businesses can accept payments from various other channels such as Visa, Mastercard, American Express, M-PESA, and Apple Pay.
