Nigerian firms team up for novel payments system
WITH the many challenges plaguing the electronic money industry in Nigeria, the Unified Payments Services Limited in partnership with PayAttitude has developed a unique payment solution that meets highest global standard and addresses the peculiar needs of Nigerian market and other emerging markets.
Near Field Communication (NFC) is a set of ideas and technology that enables smartphones and other devices to establish radio communication with each other by touching the devices together or bringing them into proximity to a distance of typically 10 centimeter or less.
PayAttitude then is a Chi+PIN tag-type contactless solution based on NFC technology that converts a subscriber/customers mobile phone handset to an NFC device and links it to the his debit or pre-paid account plus e-purse account enabling him to debit his account for different payment transactions. It is an offline solution where online-real-time communication is not required between the acceptance device and the customer’s account in the bank.
Speaking at the formal launch of the product last week in Lagos, the Chairman, Board of Directors, Unified Payment Services Limited, Bisi Onasanya noting the challenges faced in Nigerian market as a result of inefficient payment system, said that the firm owned by majority of Nigerian banks against the backdrop, mandated the management to develop and implement a solution that will be suitable for the environment.
“I am delighted that the board, management and staff have delivered on the objectives and I have no doubt that Unified Payments and PayAttitude will redefine the domestic payments ecosystem going forward. This novel solution is consistent with the rich pedigree of Unified Payments in providing leadership and innovation in payments,” he said.
Onasanya who also is the Group Managing Director (GMD) and Chief Executive Officer (CEO), First Bank, called on other Nigerian banks who have not joined the revolution to join, stating that while the company and the product is not only a local one, the importance of payments system to the growth of every economy and the banking industry in particular should be a key reason for them to be a player.
Meanwhile, the pioneering banks in the project are Access bank, Diamond bank, First bank, Skye bank United Bank of Africa (UBA) and Zenith bank.
The Chairman, Board of Directors, PayAttitude Global Limited, Victor Etuokwu in his speech stressed that the importance of efficient payment system in an economy cannot be over emphasized.
He pointed out that the payment schemes which the industry have been operating with and which the players in our environment have no influence in were designed to maximize profits for the owners without meeting the needs of the market. This he said informed the need for Nigerian banks to work together and own a scheme of their own which addresses the specific needs of the market.
He said: “As a scheme, PayAttitude will be committed to investing in solutions that meet the needs of emerging markets, particularly Africa. The solutions and products being launched today are testimonies to this commitment. While adopting international best practices, PayAttitude products and solutions have unique features and functionalities that may not be available in mature markets and under existing Payment Schemes.”
The MD/CEO, Unified Payments, Agada Apochi expressed confidence in the ability of the product to bring to history the inefficiencies of the conventional payment systems. According to him, “with PayAttitude, there is no issue of communication failure, non-running of your bank at the time you are making your payment. Each time you are making your payment, each time you use PayAttitude, you are guaranteed successful PoS transaction. This is very unique.
“Secondly, you no longer need to carry wallet for payment and your phone for communication because we have achieved convergence. With your phone which is always with you, you will be able to communicate and make payment at the same time. The world is now a planet of phones and being so, it means we have to deliver solutions that suit people’s lifestyle, and that is exactly what we are doing right now.”
Apochi disclosed that the product is very safe because it requires the input of one’s PIN before a transaction can be authorized. He went further to reveal that the company has deployed thousands of PoS terminals that have contact and contactless capabilities and Reader Writer capabilities across the country.
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