Finance

First Bank partners NIBSS to drive digital payment

FirstBank changes names of UK, Africa subsidiaries

First Bank of Nigeria Limited said it partnered with Nigeria Inter-Bank Settlement System Plc on its recently launched Nigeria Quick Response payment solution.

It said in a statement on Wednesday that the NQR was an innovative payment option implemented for all financial service providers and designed to promote quick and fast transactions by scanning the code on one’s mobile device.

The bank stated that the initiative reduced cost for merchants and banks in delivering instant value for person to business and person to person transactions by simply scanning to pay.

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Unlike other QR schemes, it added, the NQR was implemented with reduced charges that were cheaper for merchants.

The statement said, “The initiative is accessible on the bank’s payment infrastructure as the NQR code can be used to make payments through one’s FirstMobile App. And it is also available for the merchant in facilitating their business activities.

“The touchpoint and use cases of the NQR payment solution include convenience stores, supermarkets, shopping malls, pharmacy, ride-hailing/taxi payments, bus fares, tolling booths payments, vending machines, e-commerce sites, online (Instagram) businesses amongst many others.”

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It added, “To access the service, launch your FirstMobile App and select QR payment. Afterwards, choose NIBSS as a payment provider, then scan the seller’s NQR barcode.

“Thereafter, the amount is inputted, followed by PIN validation to generate an instant confirmation of the transaction successfully. On the other hand, merchants are to visit any FirstBank branch closest to them for service enrolment.”

Speaking on the initiative the Chief Executive Officer, FirstBank, Dr Adesola Adeduntan, said the bank was delighted with the adoption of the Nigeria Quick Response payment solution.

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