Firstbank Partners NIBSS to Drive Digital Payment Convenience with Nigeria Quick Response

Monday, October 25, 2021 / 09:00AM /Firstbank/Image Header Credit: Canningtownlen

FirstBank of Nigeria Limited, Nigeria's premier and leading financial inclusionservices organisation has announced its partnership with Nigeria Inter-Bank SettlementSystem plc (NIBSS) on its recently launched Nigeria Quick Response (NQR)Payment Solution.

The NQRis an innovative payment option implemented for all financial service providersand designed to promote quick and fast transactions by scanning the code onone's mobile device. Also, the initiative reduces cost(s) for merchants andbanks in delivering instant value for person to business (P2B) and person toperson (P2P) transactions by simply scanning to pay. Unlike other QR schemes,the NQR is implemented with reduced charges that is cheaper for merchants.

Theinitiative is accessible on the Bank's payment infrastructure as the NQR codecan be used to make payments through one's FirstMobile App. And it is alsoavailable for the merchant in facilitating their business activities. Thetouchpoint and use cases of the NQR payment solution include conveniencestores, supermarkets, shopping malls, pharmacy, ride-hailing/taxi payments, busfares, tolling booths payments, vending machines, e-commerce sites, online(Instagram) businesses amongst many others.

Toaccess the service, launch your FirstMobile App and select QR payment.Afterwards, choose NIBSS as a payment provider, then scan the seller's NQRbarcode. Thereafter, the amount is inputted, followed by PIN validation togenerate an instant confirmation of the transaction successfully. On the otherhand, merchants are to visit any FirstBank branch closest to them for serviceenrolment.

Speakingon the initiative Dr. Adesola Adeduntan, CEO, FirstBank said "we are delightedwith the adoption of the Nigeria Quick Response (NQR) payment solution, aninitiative by Nigeria Interbank Settlement System plc (NIBSS) which has beeninstrumental to easing and promoting payment convenience with the use of mobilephones. At FirstBank, we recognize the indelible role technology plays inpromoting businesses across diverse frontiers and we remain committed to reinventingour technology infrastructure to meet global standards whilst being committedto staying true to our mantra in alwaysputting You, our customers First.