Nigerian startup Paystack has partnered Swedish caller ID firm Truecaller to allow more merchants across Africa to accept payments online in a frictionless and secure manner by leveraging Truecaller’s mobile identity product Truecaller SDK.
The partnership will also provide powerful tools that businesses and startups across Africa can use to verify the mobile identity of their customers, and in turn, further help in creating more trust in the online payments landscape on the continent.
Previously, all merchants that used Paystack, which processes nearly 20 per cent of all online transactions in Nigeria, had to be registered with various regulatory bodies. The partnership with Truecaller means they can now verify their mobile identity via Truecaller SDK.
Integrating Truecaller’s mobile number identity product as a verification mechanism strengthens the Paystack platform’s merchant verification process and makes it possible to open up Paystack to millions of unregistered businesses who were previously unable to accept online payments with using the startup’s platform.
“This partnership with Truecaller allows Paystack to deliver on our promise of trust as well as a frictionless experience. We want to be able to guarantee that all businesses paid via Paystack are thoroughly checked for legitimacy and credibility,” said Paystack chief executive officer (CEO) Shola Akinlade.
“In a low-trust environment like Nigeria where many people are paying online for the first time, it’s important to deliver a safe, fraud-free experience, and this is a responsibility that Paystack takes extremely seriously.”
Akinlade said the startup needed to balance the strong desire to open Paystack up to unregistered business against the equally strong obligation to protect the interests of customers.
“Customers need the firm assurance that every Paystack merchant they pay is a vetted business, and our partnership with Truecaller ensures that we can continue to be worthy of customers’ trust,” he said.
In addition to using Truecaller as part of the merchant verification flow, Paystack will also be introducing it as a verification option for local developers and startups who want to verify the identity of their own customers on Paystack’s developer platform.
Paystack already makes three verification options available to developers – the ability to verify the Bank Verification Number (BVN) of customers, the ability to verify bank account details, and the ability to verify card details. Truecaller will be a fourth verification option.
“Paystack is enabling the growth of a vibrant online payment ecosystem and the digitisation of businesses for Nigerian economy. Truecaller is excited to play a strong role in this vision by enabling tools that increase trust and enable frictionless payments across Africa, powered by Paystack,” said Truecaller head of global developer and startup relations Priyam Bose.
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