Mutual e-payment infrastructure company, Nigeria Inter-Bank Settlement System Plc (NIBSS) is about to launch a traditional payment solution, NQR.
The new technology will merge QR codes for business nationwide enabling Nigerians to make payments under any events. Different money accounts are acceptable and all kinds of phones can pay through NQR codes.
Smartphone users will simply have to scan the NQR code and other phone users will have to dial an Unstructured Supplementary Service Data (USSD) code.
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NQR holders will often provide the USSD code for payment through other phones that are not smartphones. Dealers or NQR holders will receive the payments instantly.
Cashless payments have become a necessity since the pandemic.
The World Health Organisation WHO also urges avoiding banknotes as a strategy to curb the spread of COVID-19.
QR codes continually proved applicable in more than just payments during the pandemic. In fact, several jurisdictions including China and France actively traced the health state of their residents using QR codes.
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NIBSS, a division of the CBN alongside other licensed banks in Nigeria has continually worked to steer Nigeria to the terms of a cashless nation.
It is putting in place modern world-class infrastructures that will help remove potential barriers in inter-bank transactions.
How NQR payment works for merchants and business owners in Nigeria
NQR is mostly for merchants and business owners in Nigeria and these are steps to using the system:
1.To begin using NQR there are two options – either go to the bank to get the system activated or download “NQR Merchant App” from the app store.
2.Those who chose the latter will register with the bank through the app after download and get a one-time password, OTP.
3. Input account details – BVN and account number, etc.
4. Input the OTP and proceed to completing the registration.
Print the NQR code and display it for customers to scan and make payments.