In order to ease transactions for its customers, Jaiz Bank has embraced and deployed Quick Response Code (NQR) to ease transactions for customers and merchants, especially in Nigeria.
The NQR Code is a payment platform designed by the Nigeria Interbank Settlement Scheme (NIBSS) to provide a better payment experience with the aim of lowering transaction costs for customers.
This is the newest addition to the bank’s E-Banking products, and it is meant to ensure quick and convenient means of payment for goods and services. According to the bank’s MD/CEO, Hassan Usman, the solution is one of the most innovative and exciting products of the payment systems in this country.
He continues by saying that the deployment of the NQR by the bank is in line with its strategy of growing its retail business and deepening digital financial inclusion while lowering transaction costs for customers.
The bank clearly wants to retain and attract merchants that require efficient but cheap payment solutions due to their relatively small profit margin. As a means of making payments for goods and services, the NQR is a flexible digital and contactless payment solution that is very convenient and uses the Application Programming Interface (API).
This mode of payment enhances scanning to pay mode, fast-track the process for receiving money in real-time, and facilitates quick payments. This platform works with the bank’s already existing mobile banking application to support retail payment and cardless ATM withdrawal.
Customers only need to log into the app, scan the NQR code, authenticate the transaction with a PIN, and merchants are instantly credited with the value. The NQR code is a barcode type of technology.
