dLocal adds African nations to its emerging markets e-commerce network
Fintech dLocal is expanding its API-based payments service into Nigeria and South Africa, two nations with different levels of digital payments adoption.
“Nigeria and South Africa each have their own unique commerce environment, so it’s critical for merchants looking to access these markets to take a localized approach to their payments strategies,” Sebastian Kanovich, CEO of dLocal, said in a press release.
dLocal research indicates South Africa is the most advanced country on the continent in terms of e-commerce and mobile commerce, while cash remains dominant in Nigeria, a country seeking to drive more online transaction growth.
With the expansion, merchants that wish to sell in Nigeria will be able to accept credit and debit card payments from Visa, Mastercard and Verve, along with bank transfers from a network of African banks. In South Africa, the same advantages will apply, but the only cards accepted are Visa and Mastercard.
Merchants will also be able to offer QR codes at checkout to be scanned by the payer's mobile banking app. dLocal clients seeking revenue growth in Nigeria and South Africa can have immediate access to the platform through the platform's single API, with no additional integration.
San Francisco-based dLocal supports more than 300 local payment methods in 17 emerging countries, including the top five in Brazil, China, India, Indonesia and Mexico. The addition of Nigeria and South Africa expands the total market available to dLocal's 450 clients to an estimated $170 billion. dLocal provides the platform for e-commerce, software-as-a-service, digital media, sharing economy and marketplaces, travel and tourism and financial service companies.