Jaiz Bank deploys more flexible payment solutions – Nigeria’s premier non-interest bank, Jaiz Bank Plc, has deployed the new Quick Response Code (NQR) to ease transactions for her customers and merchants.
NQR Code is an indigenous payment platform designed by the Nigeria Interbank Settlement Scheme (NIBSS) to provide a reliable and enhanced payment experience with the aim of lowering transaction costs for customers.
Managing Director, Jaiz Bank Plc, Mr. Hassan Usman said the solution is one of the most innovative and exiting products of the payment systems in Nigeria.
He said the deployment of NQR by the bank is in line with its strategy of growing its retail business, deepening digital financial inclusion, and lowering transaction cost for its customers.
“The bank is deploying NQR payment system as part of its growing digital solutions to retain and attract merchants that require efficient but cheap payment solutions due to their relatively small profit margins,” Usman said.
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Head, Corporate Communication, Jaiz Bank Plc, Halima Ishaq stated that the NQR Code, being the newest addition to the bank’s e-banking products, would be leveraged upon to ensure quick and convenient means of payments for goods and services.
She explained that the NQR service is designed for merchants and individuals to receive or make payments for goods and services.
According to her, NQR is a flexible digital and contactless payment solution that is convenient with an integrated process that leverages on Application Programming Interface (APIs). It enhances the scanning to pay mode, fast-track the process for receiving money in real-time, and facilitates quick payments.
She explained that the platform is integrated with the bank’s mobile banking application to support retail payment and cardless ATM withdrawal.
“The payment system will only require customers to log into the app, scan the NQR code, authenticate the transaction with a PIN and merchants are instantly credited with the value. The NQR code are barcode-like tokens that mask data. These tokens are then used for the transmission of data used for the authentication of payments. It could be static and reusable or dynamic which can be scanned only once,” Ishaq stated.
Jaiz Bank yesterday deployed the NQR to Fraser Suites in Abuja as part of the bank’s efforts to drive contactless payment solutions in the country.
Usman presented the platform to the Managing Director of Fraser Suites, M.G Nasreddin.
During the presentation, Usman explained that the indigenous payment platform provides a reliable and enhanced payment experience that would lower transaction costs for customers.
He assured Fraser Suites that the NQR Code would ensure quick and convenient means of payments for goods and services.
Nasreddin appreciated Jaiz Bank for the deployment of the NQR, saying the platform would assist in easing payment for customers.