Paystack, the Stripe-owned Nigerian fintech, has integrated a new feature allowing merchants to accept payments directly from millions of OPay accounts. This aligns with Paystack’s focus on bank transfer-based payment methods, which accounted for over half of all transactions it processed in 2023.
The new “Pay by OPay” feature eliminates the need for debit cards, reducing transaction costs often borne by merchants and customers. With this integration, OPay users can pay online directly through the OPay app or web interface, expanding payment options for businesses.
“It’s important for businesses to offer payment methods that their customers know and trust,” said Shola Akinlade, Paystack CEO.
Paystack is already integrated with 24 Nigerian commercial banks and fintech platforms like PalmPay and Kuda, enabling merchants to receive payments via bank transfers. The addition of OPay strengthens this ecosystem, providing customers with a payment option that gained prominence during Nigeria’s 2023 cash crunch.
According to Paystack, the OPay integration promises a 99.9999% transaction success rate, ensuring reliability for merchants and customers alike.
Since introducing its “Pay with Bank Transfer” feature in 2017, Paystack has seen a surge in the popularity of bank transfer payments, which grew from 13% of its total transaction volume in 2021 to over 50% by 2023.
Meanwhile, OPay continues to expand its reach as a leading fintech in Nigeria. “OPay will continue to build on its strength, which is modern technology, to provide our customers with cutting-edge financial service offerings,” said Dauda Gotring, OPay’s Managing Director.
