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Bank introduces SocialPay to support e-commerce

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Sterling Bank Plc has introduced SocialPay, a secure and convenient solution that allows buyers and sellers to make and receive payments on social media through a link.

The newly introduced solution provides secure online payment solutions to physical store owners and retailers selling on Facebook, Instagram, WhatsApp and Twitter. Once subscribed to the solution, customers can create and share a payment link to get paid instantly for their products and services.

Divisional Head of Retail and Consumer Banking, Sterling Bank, Shina Atilola, said SocialPay was introduced to make payment easy for Nigerians engaging in digital commerce.

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“Our customers, both retailers and buyers, are now selling and making purchases through social networks. Following this cue, we introduced SocialPay to make it convenient to make and receive a payment within that same ecosystem,” Atilola disclosed.

According to Atilola, SocialPay is a secure payment solution for businesses selling online through websites, social media pages/handles or WhatsApp. “With social media networks becoming the centre of everyday life for almost 25 million Nigerians, SocialPay will ensure that these digital natives can make quick purchases and receive payments from social stores. SocialPay makes payment as simple as clicking a button, and the money is immediately transferred. The biggest benefit of the payment solution is that the transacting parties (sellers and buyers) are protected.”

Beyond its quick payment and funds receipt capability, SocialPay also eliminates the invoicing challenge facing thousands of micro retailers on social media. Within the application, business owners, offline and online, can send and manage their invoices on the go at any time. This ensures they get paid by their customers, who perceive them as credible because they provide documentation of services rendered and payment owed.

SocialPay invoicing system will also help micro and small retailers track their sales and manage their finances.

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