NQR Payment Solution is a secure QR-code-based payments and collections platform designed for merchants and customers to receive and make payments for goods and services. This indigenous payment solution is powered by NIBSS for and on-behalf of the Financial Services Industry in Nigeria. The account based transaction platform will unify all available closed QR code schemes in the country for consistent user experience and acceleration of digital adoption.
Main Transaction Types
Features of NQR Platform
Making Payment With NQR
Merchant presents NQR to customer at checkout
Customer opens mobile banking app to scan NQR
Customer visually inspects merchant details and inputs transaction amount if required
Customer authenticates transaction and merchant receives credit notification
TouchPoint & Use Cases
- Instant value to merchants for all transactions.
- Zero cost of on-boarding, infrastructure and otherwise, to the merchant.
- Instant notifications to both merchants and payers of payment made.
- Lower transaction fees across the various price bands
- Little to no chargeback or dispute issues, as transactions are first authorized at the payer’s bank before being pushed to the merchant’s bank (push transactions)
- A reconciliation and reporting portal for merchants.
- NQR protects individuals from pandemic infections by physically touching third party interfaces that have been touched several times by other people.
- As a contactless solution, NQR promotes cashless payments, so payers need not physically go to an ATM, touch the external public keyboard to withdraw cash
- For merchants/business owners, the transaction fees of NQR are way lower than POS, so NQR becomes a cheaper means for receiving payments for goods and services
- The instant credit of payments made by customers into business owners’ accounts also make NQR more attractive than traditional electronic payment channels, where Merchants/Business Owners receive credit for payments 24 hours after it has been made by customers during settlement
- Payers visit the Merchants/Business Owners’ website or online shop to shop online.
- Upon check-out, payers select NQR as the mode of payment for goods selected into the shopping cart. A QR Code is dynamically generated and presented to the payer to scan and pay.
- The payer scans the presented QR Code and inputs authorization PIN to consummate the transaction (There is no need to input amount as amount payable is automatically added to the QR Code presented to the Payer to scan).
- Please note that the dynamic QR Code generated and presented to the payer is for one-time use and expires after the timeframe set by the acquirer.
- It is a fast and efficient contactless mode of e-payments, thus providing convenience and safety to both the payers and the Merchants/Business Owners
- It promotes micro-payments and thus drives financial inclusion
- It is an easy and cost effective means of transacting, which drives micro-payments and a cashless economy.
- It reduces the cost of set-up and entry barriers for merchants/business owners, as there is no need for investments in hardware or software infrastructure.