First Bank collaborates with NIBSS to promote digital payments.

First Bank of Nigeria Limited announced a collaboration with the Nigeria Inter-Bank Settlement System Plc on its recently established Nigeria Quick Response payment service.

The NQR, it said in a statement on Wednesday, was a novel payment method implemented for all financial service providers and aimed to promote quick and easy transactions by scanning the code on a mobile device.

According to the bank, the program lowered costs for merchants and banks by providing quick value for person-to-person and person-to-business transactions by just scanning to pay.

Unlike other QR schemes, the NQR was established with lower charges that were less expensive 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,” according to the announcement. It is also available to merchants to help them with their business operations.

“The NQR payment solution’s touchpoints and use cases include convenience stores, supermarkets, shopping malls, pharmacies, ride-hailing/taxi payments, bus fares, tolling booth payments, vending machines, e-commerce sites, online (Instagram) businesses, and many more.”

“To access the service, launch your FirstMobile App and select QR payment,” it stated. After that, select NIBSS as your payment provider and scan the seller’s NQR barcode.

“Following that, the amount is entered, followed by PIN validation, resulting in an instant confirmation of the transaction’s success.” Merchants, on the other hand, must enroll in service at any FirstBank branch near them.”

Speaking on the project, Dr Adesola Adeduntan, Chief Executive Officer of FirstBank, said the bank was pleased with the adoption of the Nigeria Quick Response payment system.

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