Stablecoin News: Polygon (POL) to Power Flutterwave's Cross-Border Payments in Africa
Flutterwave is partnering with Polygon Labs to use the Polygon (POL) network for faster, cheaper stablecoin-based cross-border payments across Africa.Summary
African payments giant Flutterwave, valued at $31 billion, has partnered with Polygon Labs to integrate the Polygon (POL) network into its new stablecoin-based payment system to facilitate faster and lower-cost cross-border transactions.
The initial rollout, starting later this year, will target multinational business clients like Uber and Audiomack across more than 30 African countries. A wider release for Flutterwave's Send App for retail remittances is planned for the following year.
This move addresses the current slow settlement times and high fees (averaging over 8%) associated with traditional cross-border payments in Africa. Flutterwave CEO Olugbenga Agboola stated the partnership aims to make international payments simpler and more affordable than many local ones, joining other major financial players like Western Union, PayPal, and Stripe in adopting blockchain rails for payment solutions.
(Source：CoinDesk)