Paystack, a Stripe-owned fintech giant, has unveiled a groundbreaking payment integration with OPay, enabling merchants to receive payments directly from OPay accounts. This strategic move is part of Paystack’s broader plan to simplify transactions through bank transfers, a method that accounted for more than half of its processed payments in 2023.
By bypassing traditional debit cards, Paystack is helping businesses avoid intermediary costs that often inflate transaction amounts. The new “Pay by OPay” feature offers a seamless option for customers to make payments via the OPay app or web interface. This is in addition to Paystack’s existing integrations with 24 Nigerian commercial banks and fintech platforms like PalmPay and Kuda.
“It’s important for businesses to offer payment methods that their customers know and trust,” stated Shola Akinlade, CEO of Paystack.
OPay’s rise in popularity can be traced back to the 2023 cash crunch in Nigeria when many turned to fintech solutions as traditional banks struggled with the overwhelming surge in online transactions. The trust OPay built during this period has made it a preferred option for millions.
Through this collaboration, Paystack claims customers will enjoy an impressive 99.9999% transaction success rate, further solidifying its reputation as a reliable payment platform.
A Longstanding Vision
Paystack has long championed payment methods that remove unnecessary intermediaries. In 2017, it introduced the “Pay with Bank Transfer” feature, allowing customers to transact without debit cards. By 2023, this method had grown to dominate more than half of the company’s total transactions.
Additionally, Paystack has partnered with the Nigeria Inter-Bank Settlement Scheme (NIBSS) to launch direct debits, enabling even greater payment flexibility for Nigerian businesses and consumers.
Dauda Gotring, Managing Director of OPay, highlighted the potential of this partnership, stating, “OPay will continue to build on its strength, which is modern technology, to provide our customers with cutting-edge financial service offerings.”
