With the introduction of NQR, an indigenous QR-code-based payments and collections solution by the United Bank for Africa (UBA) Plc, both merchants and buyers are surely in for a better and more enhanced customer experience.
In a statement, the bank said the NQR payment system will enable business owners, including Micro, Small and Medium Enterprises (MSMEs) in Nigeria to receive instant payments from their customers by simply scanning the code.
“The key element of the NQR is embedded in the UBA mobile banking app. Powered by the Nigeria Inter-Bank Settlement System (NIBSS), NQR code provides a consistent user experience and aims to accelerate the adoption of digital technology across the nation. It provides a fast, easy, secure, reliable, contactless, and account-based option to receive and pay for goods and services,“ the statement partly reads.
Head, Digital Banking, Olukayode Olubiyi, said: “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.
“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 an account-based option dedicated to receive and pay for goods and services at their convenience.”
Furthermore, Mr Olubiyi explained that the NQR is loaded with enormous benefits such as instant payment, payment without the use of a debit card, payment through scanning of codes, and no need for manual book keeping as each NQR payment can be integrated into the merchant’s cash register to make book balancing seamless.
“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,” Olubiyi concluded.