First Bank of Nigeria Limited, said it has entered into has partnership with Nigeria Inter-Bank Settlement System plc (NIBSS) on its recently launched Nigeria Quick Response (NQR) Payment Solution.
The NQR is 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.
Chief Executive Officer of First Bank, Dr. Adesola Adeduntan, CEO said “we are delighted with the adoption of the Nigeria Quick Response (NQR) payment solution, an initiative by Nigeria Interbank Settlement System plc (NIBSS) which has been instrumental to easing and promoting payment convenience with the use of mobile phones.
“At FirstBank, we recognize the indelible role technology plays in promoting businesses across diverse frontiers and we remain committed to reinventing our technology infrastructure to meet global standards whilst being committed to staying true to our mantra in always putting You, our customers First, “ he said.
The initiative reduces cost(s) for merchants and banks in delivering instant value for person to business (P2B) and person to person (P2P) transactions by simply scanning to pay.
Unlike other QR schemes, the NQR is implemented with reduced charges that is cheaper for merchants.
Also, it 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.
To access the service, customers can launch their 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