It’s been 9 weeks since we introduced the “Flutterwave Pay With Bank Transfer” payment method and we can tell you, it’s great!
Firstly, do customers use Flutterwave Pay with Bank Transfer?
Simple answer – YES.
In its first 9 weeks, Flutterwave Pay with Bank Transfer has witnessed 20,000+ transactions.
Flutterwave Pay with Bank Transfer is available to Nigerian merchants only and hasn’t been selected by the majority of our merchants (yeah, it does take a while to get merchants to accept new methods).
However, the number of transactions isn’t its real measure of success.
Its real measure of success is its almost 100% success rate not on some, many or most but on ALL Flutterwave Pay with Bank Transfer payment method transactions.
Yes, you heard us right, almost 100% on ALL transactions.
So, what did we do right?
- Basically, we created a system that allows our merchants to take advantage of a payment method that their customers are used to and love to use.
See: “The value of transactions via the Nigeria Interbank Settlement System Instant payment (NIBSS) system rose to N41.48tn in the first five months of 2019. This is a 36% increase in the value of the transactions when compared with N30.448tn in the first five months of 2018.”
- Poor user education is a major part of transaction failure rate but with Flutterwave Pay with Bank Transfer, customers don’t need much education to complete transactions.
- Trust. Due to news about card fraud and similar issues, poor trust in card systems does hamper card transactions.
There’s a lot more that’s gone on under the hood and there’s a lot more going on but we’re grateful to our merchants, our merchants’ customers and everyone who’s proving Flutterwave Pay with Bank Transfer right! Here’s to much more!