Home Market Updates Tech firm mulls payment service ‘to drive cashless Nigeria’

Tech firm mulls payment service ‘to drive cashless Nigeria’

Tech firm mulls payment service ‘to drive cashless Nigeria’
0

Nigerian software company, AppZone, says it is launching a new social mobile payment platform to enhance online payment service in the country.

Appzone says  its new service, Zone will be a social mobile payment platform that makes payments ”friendlier and more interactive.”

The Nigerian tech company says the planned service will drive financial inclusion in the country and complement the cashless policy drive championed by the Central Bank of Nigeria(CBN), the nation’s apex bank.

The introduction of electronic banking, online transactions, mobile banking through the CBN Cashless Policy has ushered in a new era where the need for physical cash is gradually declining but is yet to take full effect within the Nigerian economy, Appzone says.

A mobile phone user seen chatting at a tech event
A mobile phone user seen chatting at a tech event

[quote font=”georgia” font_size=”22″ font_style=”italic” align=”left” arrow=”yes”]Amid these challenges, AppZone says that its new service designed with unique features such as “Ask”, “Send” and “Check-Out”, will provide merchants with more effective ways of connecting with customers to generate instant new or repeat sales.[/quote]The tech company attributed the ineffectiveness of the Cashless Policy to the challenges that surround electronic financial transaction such as fraud, limited awareness, lack of trust in electronic systems, illiteracy, poor banking culture, system unreliability. For Appzone, the basic tendency to remain with the status quo continues to cause cash to remain the primary payment method of Nigerians.

Amid these challenges, AppZone says that its new service designed with unique features such as “Ask”, “Send” and “Check-Out”, will provide merchants with more effective ways of connecting with customers to generate instant new or repeat sales.

The “Ask” (Ask for money) feature allows users to send funds-transfer requests to friends or associates by selecting the target contact from a contact list and entering the requested amount. The specified contact receives the request as an actionable notification that can be accepted or declined, AppZone says.

The “Ask-to-buy” feature allows businesses broadcast requests to individual customers, to buy new services, renew subscriptions or settle invoices. Each customer receives the request as an actionable notification that can also be accepted or declined, AppZone explains.

According to Appzone, ”The “Send” feature allows a user initiate transfer of funds to a beneficiary without requiring their account number. Funds are transferred by selecting the beneficiary from their phone book, specifying the amount and initiating the transaction

Also  the “Check-Out” feature in Zone enables users make payments for goods ordered in stores or on the internet by scanning a QR code.”

In addition, the “Check-out” feature provides mobile app developers with a simple means to accept payments for services rendered via their mobile apps that does not require  typical rigorous certification and integration activities,

Zone also allows users top up airtime and make payments for major utility services like Cable TV, Electricity, Internet and post-paid mobile phone services.

There's joy in sharing
Elizabeth Edozie Technology Journalist @Technology Times 08077671659 elizabeth.edozie@technologytimes.ng

We want to hear from you...