Stitch Money Introduces WigWag, A Brand Designed To Serve SMEs With No Code Payment Solutions
Stitch Money Introduces WigWag, A Brand Designed To Serve SMEs With No Code Payment Solutions. Stitch Money is excited to officially introduce its latest offering, WigWag. WigWag is a new brand designed to serve SMEs and individual business owners with easy, no code payment solutions, powered by the Stitch API.
As the company solidifies its focus on building solutions for enterprise businesses with complex payments needs, it realised it is only solving part of the payments problem. Payments are not one-size-fits-all. Small businesses, independent contractors and budding social sellers are still looking for an easy way to get paid – but without complex technical integrations or the need for developer resources. The company saw an opportunity to serve these businesses with a simple solution that runs on top of the Stitch API, making it easier than ever for them to get paid online.
SMEs and informal sellers constitute 28.8% of South African businesses today. Many of these businesses market and sell their solutions via social media. The social commerce industry in South Africa is expected to grow by 63.7% on an annual basis to US $1,36 billion in 2023 – and is further expected to record a CAGR of 38.4% during 2022-2028. With WigWag, growing businesses can accept local and international card payments, without a website, developers or even a POS machine. They can simply tell customers “WigWag me!” and send a unique payment link in any chat or via email.
WigWag isn’t new – in fact, Stitch’s founders created the foundation for WigWag well before they built Stitch. It’s what led to their understanding of the real challenges businesses face when trying to accept payments from customers – including complex bank integrations and clunky user experiences – which in turn prompted them to pivot and focus on the infrastructure powering seamless payments instead. For a long time, the company used WigWag internally as a P2P solution to test Stitch products, send each other funds and demonstrate the power of Stitch to its early clients.
Today, WigWag remains powered by Stitch and has been designed specifically to meet the needs of SMEs and small sellers, who are looking for a solution that can make it easier for them to accept and track payments – without requiring developers or complicated integrations.
