United Bank for Africa (UBA) Plc, has introduced innovative payment method, NQR, an indigenous QR-code-based payments and collections solution to enhance customers’ experience for merchants and buyers.
The NQR payment system, the bank said in a statement, will enable Micro, Small and Medium Enterprises (MSMEs) in Nigeria to receive instant payments from their customers by simply scanning the codes.
“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 aim 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, “it said.
Speaking on the NQR introduction, 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.”
Olubiyi added, “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 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.
“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.