Stripe to Acquire Paystack; PayPal Introduces Pay in 3 in U.K.: News Roundup

PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.

Big Name Moves

Stripe has agreed to acquire Lagos, Nigeria, based PF Paystack. According to the company’s press release, online commerce in Africa is growing 21% year over year, significantly faster than the global rate. More than 60,000 businesses in Nigeria and Ghana currently use Paystack, and the company processes more than half of all online transactions in Nigeria. In 2018, Stripe led Paystack’s Series A funding round. From Stripe.

PayPal is introducing a “buy now, pay later” payment option in the U.K. The new consumer credit solution will enable retailers to offer their shoppers the option of paying for their purchase in three interest-free installments. PayPal will pay the retailer upfront for the full amount of the purchase, and will not charge additional fees for the service. From PayPal.

Square introduced Terminal API, a new developer tool, at its partner and developer conference. The API enables developers to connect Square Terminal – an all-in-one card payment device – to their existing POS, ERP or practice management system, regardless of the platform or operating system it’s built on. From Square.

Digital Download

An inter-agency panel in the Philippines is promoting the importance of digital payments in response to the coronavirus pandemic. The Financial Inclusion Steering Committee said that digital payments are an “imperative for financial inclusion in the new economy.” The committee is led by the country’s central bank, Bangko Sentral ng Pilipinas, and includes 30 government agencies. From The Manila Times.

Indian PF Mswipe has launched the ability for small businesses on its platform to go online with a free business website. The offering is in response to increasing demand for online commerce options. The company has also launched PayByLink, a payment link that businesses can share via text or social media platform, enabling consumers to access a “digital bill” and make payment. From The Economic Times.