First Bank engages NIBSS to boost digital payment service
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First Bank of Nigeria Limited has initiated a partnership with Nigeria Inter-Bank Settlement System Plc. (NIBSS) to facilitate the Nigeria Quick Response (NQR) Payment Solution, an innovative payment service designed to promote customer’s transaction experience by scanning the code on a mobile device.
A statement by the premier bank said the initiative reduces costs for merchants and banks in delivering instant value for person to business (P2B) and person to person (P2P) transactions by simply scanning to pay. It added that unlike other QR schemes, the NQR is implemented with reduced charges that are 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 bank stated.
In addition, the bank noted that the touch point 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, the bank explained that customers would initially launch the FirstMobile App on their devices and select QR payment. Afterwards, they are expected to 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 First Bank branch closest to them for service enrollment
Commenting on the initiative Adesola Adeduntan, chief executive officer, First Bank Nigeria Limited, expressed delight over the adoption of the Nigeria Quick Response payment solution, which he described as being instrumental to easing and promoting payment convenience with the use of mobile phones.
“At First Bank, we recognise the indelible role technology plays in promoting businesses across diverse frontiers and we remain committed to reinventing our technology infrastructure to meet global standards whilst being committed to staying true to our mantra in always putting you, our customers first,” he added.