By Babajide Komolafe
The introduction of theCashless policy has led to the development of innovative payment solutions which have simplified transactions and enhanced customer experiences.
This is reflected in how the NQR payment solution was deployed to tackle customers challenge with traditional payment at the OunjeEko discount market.
The OunjeEko Discount Market was introduced by the Lagos State Government to provide discounted food prices across the state.
At the beginning, the market encountered challenges with traditional payment methods due to the cashless policy mandated as part of the Lagos State Discount Market initiative.
NQR to the Rescue
The introduction of the NQR payment solution at the OunjeEko discount market provided a timely and practical solution for customers. NQR played a crucial role in simplifying the payment process and reducing congestion at the payment point.
Visits to the markets showed that customers who needed to pay for goods were able to do so seamlessly. They simply logged into their Mobile Banking APPs, navigated to a NQR menu and scanned the QR codes provided at the payment points to conclude the transaction. This eliminated the need for physical cash or relying solely on the limited number of POS terminals.
One of the supervisors who spoke at the market emphasized NQRs pivotal role in facilitating transactions and reducing congestion, thereby contributing significantly to the success of the discount market initiative.
It was also observed that some banks distinguished themselves by incorporating a receipt printing feature into their POS machines, ensuring that when customers paid withNQR, a receipt was promptly generated as proof of transaction.
According to a customer who paid with NQR, this feature proved particularly beneficial at the market, as it allowed for instant confirmation on transaction status before collection of food items.
Banks Adoption and Coverage
Several banks have embraced the NQR payment solution, by integrating it into their mobile apps to offer customers a seamless payment experience.
Among the forward-thinking banks identified at the market locations are Access Bank, First Bank, Stanbic IBTC, Zenith Bank, UBA, Union Bank, Providus Bank, FCMB, Keystone Bank, Sterling Bank, Globus Bank, Wema Bank, Titan Trust Bank, Polaris Bank, Signature Bank, Jaiz Bank, Lotus Bank and VFD.
However, customers of Guaranty Trust Bank, Ecobank, Fidelity Bank, Heritage Bank, Standard Chartered Bank, SunTrust Bank, Unity Bank, Opay and PalmPay on ground at the Ounje Discount Market were unable make payments with NQR as the payment option was unavailable on their Mobile App.
Providus Bank and Sterling Bank stood out as the key notable banks that facilitated this payment service at the market.These banks demonstrated their commitment to innovation by incorporating NQR into their mobile apps, providing customers and merchants with a convenient and secure way to make and receive payments using QR codes.
Recent data from a payment forum, indicates that over 5 million registered merchants nationwide are now equipped to accept NQR payments, with an additional 100,000 onboarded within the first quarter of 2024. NQR transactions totalling N295 million (in value) were processed during this same period.
Conclusion
The successful implementation of innovative payment solutions like NQR at the Ounje Discount Market underscores its effectiveness in simplifying transactions and enhancing the overall customer experience. By facilitating seamless payments through QR codes, NQR played a pivotal role in reducing congestion, streamlining the payment process for both customers and collection agents, while also providing them with instant value of payments made.
While many banks have embraced NQR and integrated it into their Mobile Apps, some are yet to adopt this innovative payment solution. It is important for banks to recognise the significance of such solutions in the evolving digital landscape and prioritize its integration into their platforms. By doing so, they can enhance their service offerings, meet the changing needs of their customers, and contribute to the advancement of the digital economy in Nigeria.
Embracing NQR is not just about staying competitive but also about driving innovation and fostering financial inclusion in the countrys burgeoning digital ecosystem.
