Using innovative products to make payments seamless for customers

Technology is definitely playing an increasingly important role in the financial services sector. Beyond the traditional saving and withdrawal banking transaction, the digitalisation of the society has created a multichannel customer, who uses different channels based on different needs.

Consequently, Nigerian lenders have developed a unique offer that includes the use of digital platforms and mobile apps for banking transactions and online payments.

Recently, Access Bank plc introduced a new multi-banking payment solution known as PaywithCapture. PayWithCapture, is a mobile payment solution that permits customers to make payments by scanning a merchant’s pre-generated QR-Code using the camera of their mobile device or via a one-step Beacon-NFC System.

Herbert Wigwe, group managing director explained, ““With PayWithCapture, a user can add as many cards or payment instruments (bank accounts and mobile money wallets) as desired. Forging growth in mobile payment solutions requires inclusiveness. For the potential of mobile payment technologies to truly explode, it is important that we begin to see it as more than a bank initiative but more of a consumer initiative and that is where inclusiveness comes in. We are committed to providing solutions that meet people in their niche and we have been working closely with technology partners to achieve this. Nigeria is an exceptional country with unique consumer needs.”

Also First Bank of Nigeria Limited recently unveiled a set of enhanced features in its integrated lifestyle mobile banking app, FirstMobile. The mobile banking app which is secure and easy to use, allows customers to carry out banking transactions on the go from their mobile phones.

FirstBank customers can now conveniently carry out transactions without the use of token to a maximum daily limit of N150,000.00 on the enhanced app using a user-defined transaction pin which is an extra security feature. Customers can also perform the following actions on the enhanced app: Change Transaction PIN, Reset Transaction PIN, Synchronize token, and change their log in pin – mPIN. The new feature also allows Users share their experience on the app with friends and family via Facebook and Twitter using the Share this app menu.

Unified Payment Systems recently collaborated with six deposit money banks in the country to introduce PayAttitude, a unique transaction innovation in the Nigerian financial market.

The company had explained that PayAttitude is a future and value innovation that aims to address undesirable state of the country’s financial market where cash is still the king with N1.8trillon cash in circulation, high rate of transaction failure where 90 percent is attributed to poor telecommunications network.