In order to drive the recently launched Nigeria Quick Response (NQR) Payment Solution, Nigeria’s premier financial institution, Firstbank has decided to partner the Nigeria Inter-Bank Settlement System plc (NIBSS).
“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,” said Dr. Adesola Adeduntan, CEO, FirstBank.
He noted FirstBank recognizes the indelible role technology plays in promoting businesses across diverse frontiers and the bank is committed to reinventing its technology infrastructure to meet global standards whilst being committed to staying true to its mantra in always putting You, our customers First.
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. Also, 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.
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.
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.