Why is it so difficult to send money from Nigeria to people in other countries? Before the wave of fintech startups currently working to solve this problem, payments to other countries were slow.
Now, using cryptocurrencies, via the Quidax API (our baby 🙈), companies like Fliqpay can settle these money transfers instantly. Imagine everything you can now do! You can pay international suppliers in their own currencies, using naira. You can also receive money instantly from international customers.
Fliqpay, the Payment Product You Can’t Tired Of
Many African startups are working to make cross-border payments easier for people. In the case of Fliqpay, the founders focused on businesses.
Today, Fliqpay is building a payment infrastructure for financial services, institutions and global businesses. They have a payment gateway that accepts Bitcoin, USDT, Litecoin, Ethereum, and several african currencies.
We’re always excited to learn and share how businesses use our API. So we reached out to Wole Ayodele, the CEO of Fliqpay to give us the full gist. Here it goes:
Interesting Ways Customers are Using Fliqpay
Any product developer will tell you that there’s nothing sweeter than watching people use your product in ways you never even imagined. That’s the point when a product truly takes on a life of its own.
As expected, some of Fliqpay’s clients have gone the remittance way. I mean why not? If there’s a solid foundation, then remittance works. Fliqpay supports multiple currencies so it’s a no brainer.
But here’s where the company gets even more interesting. People are using its product in software-as-a-service (SAAS) applications, gaming businesses, and even eCommerce 🤩.
Regular cash payments could take as many as 5 days to settle in these areas but crypto-powered systems make it instant. According to Fliqpay’s CEO, their transaction cost is also about 4-6% cheaper than many regular payment methods.
How Fliqpay Makes Magic With the Quidax API
To successfully manage a crypto-powered payment business in Nigeria, you need to sort out a couple of things. They include finding a way to:
- Send and receive cryptocurrency in high volumes
- Stay readily liquid (being able to switch from cryptocurrency to a traditional currency like the Naira quickly)
- Manage your cash flow
- Manage customer transactions without issues
Fliqpay uses the Quidax API to handle these requirements. Being an exchange, Quidax gives you a way to send and receive cryptocurrency quickly and easily.
Then let’s look at liquidity. Ah! If you’ll joke with anything, not this. If you can’t readily convert money from cryptocurrency like Bitcoin to a traditional currency like Naira or USD, then your customers cannot transact as quickly as they like. This defeats your value statement.
According to Wole Ayodele, his favourite thing about the Quidax API is its liquidity.
He tells us, “This type of liquidity is important for our business. Several businesses have tried to build payment products using crypto in the past. But without infrastructure, it wasn’t possible. You may need to pay thousands to millions of dollars instantly. If there’s no solid structure behind your payment process, you can’t do it. You also need enough liquidity so that you can switch between currencies easily. Quidax has allowed us to achieve this, so Go team Quidax all the way!!”
Wole also spoke about using the Quidax API to manage cash flow and customer transactions. how new fintech startups can benefit from this.
Additionally, the API allows you to store cryptocurrency in fully managed crypto wallets. It also gives you the flexibility to place both market orders and limit orders. This is the ultimate starter pack for a young fintech company venturing into payments.
What’s Next For You?
The payments industry is expanding and your competitors have figured out something you haven’t.
Automating the boring stuff is more than building a computer program to run your payments. It is also working with the programs other companies have built to make your life easier.
It is picking elements from reputable sources to make a strong foundation so that others can build on your system too. It is becoming a valuable cog in the machine that makes payments seamless in this part of the world.
Fliqpay would absolutely recommend the Quidax API, so what are you waiting for? Check out our API and start solving problems today