Wafi, a startup founded by former Plaid product lead Victor Umunze, has introduced its payment processing platform for e-commerce businesses.
Wafi.cash aims to provide online sellers with a streamlined API for fast, secure, and economical bank payment processing. The platform seeks to simplify the payment process by eliminating unnecessary intermediaries, claiming to cut payment processing fees by more than 50% while enabling users to earn up to 0.75% cashback on purchases.
Additionally, Wafi enhances transaction security by reducing payment failures and minimizing fraud through its two-factor authentication (2FA) and proprietary detection technology. Umunze stated, “Wafi.cash opens businesses to new payment opportunities and allows them to capitalize on the shift in consumer behavior towards cash spending, both online and offline, by providing a fast, secure, and cost-effective solution.”