Payment processes and experiences evolved during the last decades, and thanks to different technological innovations, people from all corners of the world changed the way they behave when it comes to making transactions.
Until recently, cash was the obvious and preferred method of purchasing anything and everything, but with the emergence of safe and convenient electronic options, shoppers are quickly changing their attitudes.
Therefore, let’s take a look at some of the areas where online payments caused the biggest changes.
Shopping Online
Instead of taking their time to go to physical stores, people are getting more and more attracted to large e-commerce sites...
In Nigeria today, 70% of people now have a side hustle to increase their sources of income. There are cases of Bankers who sell shoes on Instagram, Office Receptionist who run online skincare business, and restaurant owner who have POS kiosks just in front of their shops.
These side hustles are not new to us, our social media platforms have become a full-blown marketplace and we are loving it.
One profitable Side hustle most entrepreneurs venture into now is the Agency Banking Business. You will see a Barber who also runs a POS Business or someone who has a shop in...
The e-gold payment system is an electronic payment system that enables account holders to make secure payments on the internet using value stored in precious metals like Gold, Silver, Platinum and Palladium in their account. These metals are called e-metals.
To understand e-gold you must look at it as a commodity and not a currency. It is an electronic commodity that is now accepted by a lot of merchants as a means of payment for their goods and services.
To use e-gold you must first buy it. However e-gold Ltd does not sell egold rather they only store it and help...
Your PIN is your Personal Identification Number. It is the number or characters that if entered when requested by an ATM machine or POS terminal or any other electronic payment channel grants access to your bank account or electronic wallet.
The implication of this is that if any person knows your PIN, such a person is one step away from having access to your account or e-wallet. If you are not using a chip card the PIN alone is enough for a fraudster to access your account. However, if you are using a chip based credit/debit card the fraudster will...
The e-gold payment system is an electronic payment system that enables the use of precious metals like Gold, Silver, Platinum and Palladium for secure online e-payment for goods and services. e-gold system is very popular because of its simplicity. It is even more popular in countries like Nigeria where debit and credit cards are not available or very hard to get.
In fact e-gold is one of the only online electronic payment solutions in countries with low penetration of credit and debit cards. Just about anyone can use e-gold. No matter your country of residence you can use this wonderful...
Valucard plc is the joint acquirer of Visa international in Nigeria. The company supports secure electronic transactions and payments in Nigeria.
Valucard promotes the VPay which is an online chip and pin card. VPay can be used as an ATM card to withdraw money from ATM machines. It can also serve as a Debit or credit card for purchase from a POS terminal or from a merchant on the internet.
Send Money online to Nigeria using Visa debit/credit cards
VPay like Visa card can be used to make a purchase wherever the Visa acceptance sign is displayed. Because VPay is chip based...
InterSwitch is a provider of secure electronic payment solutions in Nigeria. All Nigerian banks are connected to InterSwitch, making InterSwitch the most accessible e-payment network in Nigeria. If you have a Debit/ATM card in Nigeria, it is more likely to be from InterSwitch.
InterSwitch recently launched a Chip and PIN card branded as InterSwitch Verve, which offers improved security and reduces fraud. InterSwitch Verve cards are more difficult to duplicate and alter.
InterSwitch at present boasts of over 7,300 ATM machines deployed nationwide making cash withdrawals and other ATM services convenient and easily accessible to Nigerians. Other services available from these...
The National Sports Lottery (NSL) plc has gone into the business of providing secure electronic payment to Nigerians. The Company is collaborating with Valucard plc the joint acquirer of Visa international in Nigeria and a leader in electronic payment solutions.
i8550 POS terminals being deployed by NSL plc comes with a number of features that can be of benefit to merchants and retailers.
Citizens desirous of becoming NSL lotto agents can get one of these i8550 terminals for enabling customers play the lottery game. Lottery players can pay with cash after which they select any six digits. i8550 terminal then prints...
The National Sports Lottery (NSL) plc is currently deploying 30,000 i8550 POS terminals. This is aimed at making the lottery game easily accessible in more locations nationwide. NSL plc is the organiser and sponsor of the Lotto Nigeria game show. Lotto Nigeria is a weekly lottery game show that is drawn twice a week (Saturdays and Wednesdays).
Lotto Nigeria involves selecting six numbers from 49 possible options. If player matches all six drawn number he/she wins the jackpot. Players that match five, four or three number also win various sums.
The deployment of these i8550 POS terminals by NSL plc will...
In Nigeria, a number of merchants have launched scratch cards or pin cards to help customers conveniently access their services online. These cards can only be used for transactions with the merchant that issued it. In most cases, these cards are only valid for one or just a few transactions.
The problem with this scenario is that to do business with any merchant you must have the scratch card of that particular merchant. This implies that one may have be carrying lots of electronic payment cards around making nonsense of its benefits.
Examination bodies like NECO, WAEC and JAMB currently have...
Electronic payment has come a long way in Nigeria, but still struggles to compete with the Nigerians love for cash. Nigerians love their cash so much that most transactions in the country are done with cash. Cash remains the preferred medium for payment in the country. Poor awareness of e-payment solutions, ignorance, poor banking culture, lack of trust, illiteracy and the love for the status quo have been fingered as responsible for the high volume of cash transactions in Nigeria.
Join us after the break for more on e-payment in Nigeria.
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