UBA partners NIBSS to launch NQR-based Payment Solution
By Felicia Nwosu
Africa’s innovative global bank, United Bank for Africa (UBA) Plc., has partnered the Nigerian Inter-Bank Settlement System (NIBSS) to introduce a payment method known as NQR. According to the bank, the innovative tool is an indigenous QR-code-based payments and collections solution to enhance customers’ experience for merchants and buyers.
Olukayode Olubiyi, Head, Digital Banking, while highlighting some of the benefits of the digital transformation, explained that it will enhance efficiency, quick access and boost consistent user experience with the aim to accelerating the adoption of digital technology across the country.
“Also, when payments are made, there is the presence of Instant value and verification of all payments as merchants receive notification immediately after a transaction has been completed by a buyer. Another benefit is that NQR codes can be synced with a POS printer to print receipts for further bookkeeping purposes,” Olubiyi said.
He noted that the key element of the NQR is embedded in the UBA mobile banking app, which is powered by the NIBSS NQR code.
UBA revealed that the NQR payment system will enable Micro, Small and Medium Enterprises (MSMEs) in Nigeria to receive instant payments from their customers by simply scanning the codes. This, the bank stated, provides a fast, easy, secure, reliable, contactless, and account-based option to receive and pay for goods and services.
The Digital Head of the bank also stated: “Our customers are at the heart of our business, that’s why we keep going the extra mile to constantly innovate in a bid to satisfy them. As we very well know Micro, Small and Medium Enterprises (MSMEs) contribute significantly to the economy but remain heavily dependent on cash to run their businesses. However, consumers are demanding safer and more convenient ways to pay.”
Explaining the reason behind the partnership, he added: “That is why we have partnered with NIBSS to introduce the NQR (NIBSS QR), which is a safe, contactless payment platform for merchants and customers to receive and make QR code-based payments for goods and services. This payment method is a contactless solution, poised to give customers a unique experience as it is seamless, fast, easy, secure, reliable, and account-based option dedicated to receive and pay for goods and services at their convenience.”
He also explained that the NQR is loaded with enormous benefits, including the fact that payments are instant, can be made without using a debit card, customers are only require to scan the code to pay; and each NQR payment can be integrated into the merchant’s cash register to make book balancing seamless which means manual book keeping is not needed.
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