Wafi has announced the launch of its payment processing platform, wafi.cash for ecommerce businesses.

In a blog post, Founder & CEO, Victor Umunze said the platform would help merchants process bank payments quickly and securely, and would give businesses up to ten times lower payment processing fees by eliminating redundant entities.

Three new products built into a simple API have been introduced; Wafi Checkout, Wafi Pay and Wafi Connect. Through Real Time Payment (RTP) rails the company said its users can settle bank payments in seconds instead of days while the platform gives access to open banking, increasing payment reliability and reducing fraud.

Wafi has also deployed a smart multi factor authentication (2FA) system that allows payments to be made securelty with a single click.

According to the company, the Wafi Checkout feature enables users to create bespoke loyalty programs and encourages repeat purchases.

The launch has come in response to a shift in consumer spending that saw debit card usage increase by 23% in 2021, Wafi said.