NIBSS, banks collaborate on new payment solution

Read Time:44 Second
NIBSS, banks collaborate on new payment solution

The Nigeria Inter-Bank Settlement System Plc (NIBSS) has declared its intention to launch a Quick Response (QR) code-driven payment solution  to enhance payment methods with a touch-free option in Nigeria.

The new solution, which would be managed in partnership with all financial service providers, is an indigenous payment solution capable of reducing person-to-person contacts during the processing of transactions.

Being an interbank financial platform, the new development would advance and improve infrastructure for automated processing, settlement of payments, and fund transfer instructions between banks.

Major financial institutions and multinational corporations across the world now offer contactless payment systems to customers as contactless credit cards have become widespread.

Speaking on the development, the Chief Executive Officer of NIBSS, Premier Oiwoh, said the solution was built to provide a touch-free option for receiving and making payments in exchange for goods and services.

0 0

Leave a Reply

Your email address will not be published. Required fields are marked *