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April 26, 2022

Stitch launches payment offering for fintech firms and businesses

South African API infrastructure startup Stitch has launched a new payment offering for fintech companies and e-commerce and other businesses with frequent returning users.

Dubbed Stitch LinkPay, the solution tokenises financial accounts and enables variable recurring payments.

It will allow customers to link their preferred financial accounts through Stitch to make payments.

Returning users, who have linked their accounts, will be able to make payments in a single click without the need to enter log in into their accounts again.

Additionally, users will be able to combine LinkPay with Stitch Payouts to send refunds or enable withdrawals to the same verified account used for a pay-in.

It can also be integrated with Financial Data for access to user account information, and transaction and balance history.

According to Stitch, fintech businesses can tap the LinkPay to enable their users to link their primary financial accounts directly to fund their wallets and investments, make payments, and withdraw funds.

The solution will allow marketplaces and platforms, including ride-hailing services, to allow their users to tokenise a bank account for checkouts and send payouts to their suppliers at the same time.

It will help E-commerce businesses to offer one-click checkouts for returning users by saving their bank accounts, rather than cards.

Recently, Malaysian payment firm Tranglo introduced a new business payment solution, dubbed Tranglo Business, to enable businesses to send and receive global payments with enhanced speed.

Last month, Russia-based Gazprombank rolled out a payment offering, called GazpromPay wallet, after major payment firms including Mastercard and Visa halted their services in the country in the wake of the Ukraine crisis.

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