Nigeria Interbank Settlement System plc (NIBSS), in partnership with all Financial Service Providers, has launched a new Nigeria Quick Response (NQR) Payment Solution to make payment more convenient for all merchants, businesses and customers in the country.
The launch was hosted by Frank Edoho and attended by Managing Directors of deposit mobile banks like Ecobank, First Bank amongst others. L-R: Temidayo Adekanye, Chief Risk Officer, Nigeria Inter-Bank Settlement System
(NIBSS); Christabel Onyejekwe, Executive Director, Business Development, NIBSS; Premier Oiwoh, Managing Director/CEO, NIBSS and Niyi Ajao, Deputy Managing Director, NIBSS at the official launch of the Nigeria Quick Response (NQR) payment solution powered by NIBSS NQR powered by NIBSS
The new Payment Solution is an innovative payment platform that delivers instant value for P2B (Payer to Business) and P2P (Peer to Peer) transactions by simply scanning to pay.
This is done by providing a “low-cost” method for merchants to generate a QR code that shoppers can scan to pay for an item. “If you have a phone with you all you have to do is just scan the QR code and you automatically make payment.” Each code will have unique details containing the information relating to the transaction and would link with a customer’s Banking App, already enabled on their smartphone. According to the Managing Director NIBSS , Premier Oiwoh, the NQR is a new dawn for innovation in the Nigerian financial services industry.
He added that Digital transactions supported through the NQR code payments will promote and enhance the consumer payment experience while driving growth for business owners.
One of the Bank MD in attendance, similarly expressed that the digital payment landscape is evolving very rapidly and that NPR code has the operating capability to improve payment solution in Nigeria.
He added that the innovation creates a straight-through process via point of collection from banks to bank.
“It’s very easy to leave your card at home but very few people forget their telephones. It’s the one thing we check when we wake up in the morning or we use to stay in touch with our friends, Families and conduct business throughout the day” Niyi Ajao, Deputy Managing Director, NIBSS Benefits of NQR
Faster
NQR provides several advantages some of which are over existing e-payment solution to both merchants and buyers.
According to banking experts, the new NQR is faster in terms of processor and when compared to conventional card payment systems. The NQR code also has the […]
