The Nigeria Inter-Bank Settlement System (NIBSS) is focusing on QR codes as a convenient option for small-value transactions through its improved Nigeria Quick Response (NQR) payment platform. The system has enhanced the speed and security of QR code payments, making them efficient and secure for users. NIBSS has collaborated with the Lagos State government to test QR code payments for bill settlements, which has shown promising results. The platform has also introduced a USSD product for feature phones to cater to a wider audience.
QR codes offer a cash-like transaction experience, being cost-effective, quick, and enabling instant reversals. NIBSS aims to expand QR code adoption by partnering with various banks and integrating QR payments into mobile banking apps. The use of QR codes for payments is projected to grow substantially in the coming years, with a significant increase in global transactions expected.
To address concerns regarding transaction confirmations for merchants, fintech companies like OPay, PalmPay, and Moniepoint have offered reliable solutions. NIBSS and Providus Bank have introduced features like receipt printing and the NQR Soundbox, which provides audio notifications for successful payments, enhancing the overall user experience.
The success of QR payments lies in the seamless acceptance by merchants, ensuring secure, efficient, and transparent transactions. By promoting widespread adoption and usability among merchants, a network effect can be created to establish NQR as a preferred payment method.