Flutterwave reportedly discontinues its virtual card service Barter. The Fintech company has been in the news recently for several reasons, and now it’s on the news again. But this time, the firm is set to discontinue its virtual card service known as Barter.
Flutterwave Discontinues Barter
Flutterwave has made the decision to discontinue its virtual card service, Barter, just three weeks after announcing the temporary closure of Disha, a no-code platform, scheduled for March 31, 2024. The company attributes this move to changing customer needs and evolving market trends, prompting the closure of Barter on March 12.
Despite Barter being a pioneering service in allowing Nigerians to make international payments since its inception in 2017, it only contributed 1% to Flutterwave’s total transaction volume of $2 billion.
Flutterwave Is Now Shifting Its Focus towards Enterprise Solutions and Remittances
Flutterwave, a leading fintech company, is now shifting its focus towards enterprise solutions and remittances, aiming to capitalize on these lucrative segments. With eyes set on the sizable $54 billion remittance market in Africa, the company aims to establish dominance in this space. Consequently, Barter users are advised to withdraw any remaining funds from the app promptly, as it will cease operations.
Flutterwave’s Remittance Products
While the performance of its remittance products, namely Send App and Swap, remains uncertain, Flutterwave is determined to pursue this avenue. This strategic pivot comes after a year-long hiatus aimed at overhauling its product offerings.
Barter’s history has been marked by challenges, including a significant disruption in 2022 when it went offline for several weeks due to issues with its card partner, Union 54. Notably, Union 54 faced a $1.2 billion chargeback fraud attempt during this period.
Flutterwave’s Decision to Shutter Barter
Flutterwave’s decision to shutter Barter reflects its commitment to aligning its services with evolving market demands and optimizing its business strategy to capitalize on high-growth opportunities.
Despite Barter’s discontinuation, Flutterwave remains focused on delivering innovative solutions tailored to meet the needs of its enterprise clients and capitalize on the vast potential of the remittance market in Africa.
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