The Nigeria Inter-Bank Settlement System Plc (NIBSS) announced the introduction of a Quick Response (QR) system as part of its move towards innovation in the payments space.
It disclosed this on Wednesday, in a statement, adding that the QR code system would feature a ‘touch-free’ payment option.
This model, according to NIBSS, will make transactions easy, as it would be one would simply need to scan to make payment.
It added that the “innovation will unlock a wealth of extra benefits that will transform the way Nigerians choose to pay as it is reliable, secure and it offers instant value to business owners.”
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This new payment system will be conducted alongside financial institutions and other payment service platforms to cut back on contact between persons during transactions.
The innovation falls in line with the contactless payment system observed in other countries across the globe.
Speaking on the newly-introduced payment model, the Chief Executive Officer (CEO) of NIBSS, Premier Oiwoh, said that the aim was to “recreate the Nigerian payment experience.
Oiwoh said, “The NQR payment solution is about re-creating the Nigerian payment experience.
“We have created the NQR payment solution, a new ‘touch free’ payment method to help create and offer better customer experience.”
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