In an exciting development for Nigeria’s fintech ecosystem, Paystack has introduced the “Pay with OPay” feature, enabling its merchants to seamlessly accept payments from OPay’s vast customer base of over 40 million users. This strategic move not only deepens Paystack’s offerings but also highlights the growing interconnectedness of the country’s digital payment platforms.
Announcing the feature on its official X (formerly Twitter) handle, Paystack revealed:
“Nigeria’s most downloaded fintech app, is now integrated with Paystack Checkout.”
Paystack emphasized its commitment to expanding payment options, stating:
“We’re always increasing the number of payment channels we offer, while also improving the efficacy of existing channels. Today, we’re thrilled to share that Paystack merchants in Nigeria can now accept payments quickly and securely from over 40 million OPay users.”
How to Enable the Feature
SEE ALSO: OPay Partners with AfriGOpay to Enhance Digital Payments in Nigeria
To leverage this integration, merchants must activate the feature on their Paystack account. The setup process is simple:
- Log into your Paystack Dashboard.
- Navigate to the Settings section and open the Preferences tab.
- Enable the “Pay with Bank” checkbox.
By enabling this option, merchants gain access to the Pay with OPay channel alongside 26 other bank payment options, ensuring greater versatility in payment collection.
How the Pay with OPay Feature Works
Paystack provides a straightforward guide for customers to use the “Pay with OPay” feature during transactions:
- On the Paystack Checkout page, select the OPay Digital Services Limited (OPay) option under the Bank channel.
- Click the Authenticate button. This action redirects customers to their OPay account to complete the payment.
- Customers using a mobile phone will be redirected to the OPay mobile app, while those on other devices will complete their payments on the OPay web app.
To authenticate the transaction, customers must log into their OPay account using their account number and password. Additionally, a verification code will be sent to their registered OPay phone number for added security.
Transaction Records and Details
Transactions completed via this channel are recorded differently based on the method used:
- Payments made through the OPay mobile app will appear as ‘Merchant consumption’ in the transaction history.
- Payments completed on the OPay web app will be labeled as ‘Certpay’ in the transaction history.
Clicking on the transaction within the OPay app or web platform will reveal further details about the payment.
A Boost for Nigeria’s Thriving Fintech Sector
Adedeji Olowe, founder of Lendsqr, praised the development, noting how evolving payment methods have simplified transactions for everyday use:
“Payment methods have become easier, faster, and better, and people are using them for everyday things.”
This partnership reflects a larger trend in Nigeria’s fintech sector, where platforms are innovating to meet growing demand. With an annual transaction volume estimated at ₦46.91 trillion, the sector continues to flourish as digital payment options become integral to daily commerce.
Why This Partnership Matters
The integration between Paystack and OPay offers multiple advantages:
- Expanded Customer Reach: Paystack merchants can now tap into OPay’s extensive user base, significantly increasing their potential for sales.
- Enhanced Convenience: OPay’s seamless authentication process ensures quick, secure transactions for users.
- Strengthened Ecosystem: By bridging platforms, the partnership fosters collaboration and innovation within Nigeria’s digital economy.
Conclusion: A Win for Merchants and Customers
The introduction of “Pay with OPay” represents a significant leap forward for Paystack and its merchants, enabling them to cater to the preferences of millions of Nigerian consumers. As digital payments become an increasingly integral part of everyday life, this collaboration underscores the potential of fintech partnerships to drive inclusivity and efficiency in commerce.
With this innovative step, Paystack and OPay are not just reshaping how Nigerians transact—they’re setting the stage for the future of digital payments in Africa.
