PayU to connect Nigerian businesses to N200bn online payment market
Nigeria’s leading e-commerce payment gateway, PayU, has intensified efforts to connect businesses to the online payment platform in Nigeria worth about N200billion.
Report shows that an annual online payment in Nigeria is estimated to surpass N200 billion in 2017 from the N167 billion in 2016.
Country Manager, PayU Nigeria, Ms Juliet Nwanguma, said that the company is intensifying its efforts as a result of PayU’s expansion drive in the online payment market.
Nwanguma explained that the company has identified businesses that could benefit from its global expertise across 16 markets where it offers over 250 payment options.
“With over 2.3 billion users world-wide, PayU is confident it can help businesses grow their market share and help them to achieve their business objectives”, she said.
Data from the Nigeria Interbank Settlement System (NIBSS) shows that 5.5 million transactions worth N46.7 billion were generated through online sales in the first quarter of 2017. This is an increase in the quarterly average of 3.5 million transactions worth N33 billion in 2016. This 58% growth is a clear indication of the increased confidence and preference for online sales amongst Nigerians.
According to her, in a country of over 180 million people, consisting of 61 million active bank customers and where e-payment transactions are worth N56 trillion in a year, the potential for online payments in Nigeria is huge and waiting to be tapped.
She disclosed that the mission of PayU is to leverage on Nigeria’s 97 million active internet users to popularize and increase online payments in Nigeria.
“At PayU, we believe that with the deployment of appropriate strategies and products which are designed to encourage more businesses to adopt online payment, the market in Nigeria can record triple digit growth in both volume and value of online payments. This is the driving philosophy of PayU’s operations in Nigeria”, she said.
Nwanguma said that since last year when PayU entered the Nigerian market, the company has used its globally tested products such as tokenisation, recurring payments for subscription services and single click payments for faster checkout.
According her, “Our range of services is in line with the different business categories, especially the PayU Easy service allows start-ups to start selling online instantly without the need of a bank account or trading history”
“PayU has succeeded in successfully assisting small, medium and large organizations with their online payments. In particular, the robust and flexible features of PayU Plus and PayU Enterprise have assisted merchants to grow and expand their online payment business.”
PayU offers merchants safe, secure, online shopping. Their products are PCI DSS Level 1 compliant, which means they are required to meet extremely stringent security criteria. All card details are secured by secure socket layer (SSL) and transfer layer security (TLS) encryption and reinforced through various encryption processes in order to provide protection for all payment information. They also are 3D secure enabled which gives consumers added security when shopping online.
The increased preference for online payments among Nigerians offers new opportunity for businesses to increase patronage and grow revenue.
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