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South Africa’s Revio allows businesses to connect to multiple payment methods and reduce failures

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South Africa’s Revio allows businesses to connect to multiple payment methods and reduce failures - TechCrunch

Quick Summary:

Three out of every 10 payments in Africa fail, according to reports.

Factors behind this range from a fragmented payments landscape and invalid cards to dormant accounts and higher dispute rates; they surface yearly leading to a $14 billion loss in recurring revenue for digital businesses across the continent.

It’s one reason why the two-year-old fintech raised this capital: move into new markets within and outside Africa, expand its team in the process and launch new products for its increasing clientele.“I’d say the use investment is twofold,” Botha said.“One is to get access to more strategic skills around machine learning and data to help us grow and drive better engagement with customers, understand why they fail and how to get a better response rate.


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Article Details

Author / Journalist: Tage Kene-Okafor

Category: Technology

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-11-25 @ 08:10:36 (2 days ago)

News Timezone: GMT -5:00

Ranking: #650 (out of 2250 stories this day)

News Source URL: techcrunch.com

Language: English

Article Length: 996 words

Reading Time: 6 minutes read

Sentences: 29 lines

Sentence Length: 35 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © TechCrunch

News ID: 1927559

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