Interswitch showcases e-payment solutions
BUSINESS| Feb. 11, 2012, 7:01 a.m.
By Lukas Ajanaku, Lagos, Nigeria
An indigenous pioneer in the electronic payment platform, Interswitch, has showcased its range of products designed to support the Cashless Policy of the Central Bank of Nigeria (CBN) with cooperation with the twenty-four money deposit banks (MDBs) in the country.
As a pilot project of the policy, the apex bank introduced what it described as Cashless Lagos project, designed to enthrone the use of other forms of payment for goods and services.
Showcased were Interswitch's e-payment solutions such as Paydirect, Autopay, Direct Debit, Verve Card, Quickteller, Webpay and Smartgov.
Explaining each of the electronic payment solutions on the Interswitch platform, the Managing Director and Chief Executive Officer of the company, Mitchell Elegbe, said in Lagos that the solutions are in tune with the policy and direction of the CBN, and would assist individual, corporate organizations, government agencies, merchants, manufacturers and suppliers meet their electronic payment needs under the Cashless Scheme.
With Verve payment cards, and others like MasterCard, Visa, Genesis and Freedom Card, issued by the banks, individuals can perform electronic payment transactions such as cash withdrawal from the ATMs, fund transfer via ATM, web and point of sales (PoS), top up their mobile phones virtually via ATMs, web and PoS, make payments for pay TV such as DSTV, Startimes, HiTV and others via ATMs, web and PoS; and make payments for purchase of goods and services at stores, supermarkets and several merchant locations across the country.
“Autopay, the country’s Funds Disbursement solution, is a secure web-based online real-time payment solution, which enables corporate organizations as well as government ministries, agencies and departments (MDAs) make payments from their corporate accounts to staff, vendors and supplier accounts domiciled in any of the 24 banks in Nigeria,” Elegbe explained, adding that that there are close to a 100 businesses, government ministries, departments and agencies, religious bodies on the Autopay platform.
In the same vein, Interswitch has a Funds Collection solution called Paydirect, also a web-based, multi-channel solution that enables organizations receive immediate value for payments made into their accounts from any bank branch across the country. He also explained that; Paydirect is not restricted to bank branches alone; payments can be made to an account through a Website, ATM, Mobile phone, Point-of-Sales (PoS) terminals. The solution automates the entire collection process as it solves the problem of cash movement, tracking and monitoring of payments made to the company by distributors or customers.
Corporate organizations and billers also have the opportunity to leverage the Direct Debit solution, a web-based application that connects to all the banks on the Interswitch network. The solution automates recurring payments directly from the bank account of the customers for services rendered.
On the benefits of using Quickteller for cashless transactions, he said Quickteller service platform provides airtime recharge and utility bills payment on ATMs, Web, Mobile and PoS. according to him, leading cable TV operators in Nigeria such as DSTV, HiTV, Startimes and MyTV are leveraging the convenience advantage offered by Quickteller to service their customers. Internet Service Providers (ISPs) like IPNX and Swift Network subscriptions are also available on the platform. Quickteller also offers a range of services which include airline ticket purchase, embassy payments, insurance premium payments, state government tax payments, toll payments, and more.
“We have also recently achieved interoperability with other switches and payment card schemes so other cards are now accepted on our network,” he added.
Commenting on the bank charges on cash limits which would be effective from April this year and the impact on individuals and corporate; Elegbe said Interswitch was thinking about the customers during the e-payment solutions. “The solutions would make electronic payment easy for government, corporate organizations and individuals,” he said.
MORE BUSINESS NEWS
Africa’s youngest entrepreneurs stand to win $75,000The Anzisha Prize is expanding, after initial success, to provide increased support to entrepreneurial youth and partner organisations to drive pan-African economic growth to 2020. Read More
New age e-commerce consumers challenge traditional business modelsAfrican consumers are increasingly searching online platforms with commercial intent, says DHL. Read More
VMware appoints Bask Iyer as chief information officerVMware has announced the appointment of Bask Iyer to the role of senior vice president and chief information officer (CIO) of VMware. Read More
SpeedCast acquires GeolinkSpeedCast International Limited, a leading global satellite communications service provider, has announced the acquisition of Geolink Satellite Services, a leading provider of satellite communications solutions in the African region. Read More
Out of the Dark: Survival guide for businesses during load-sheddingAs Africa’s premier integrator of business continuity services, ContinuitySA’s team spends a lot of time identifying risks and how to mitigate them. One risk that has become very real for South African businesses is load-shedding. Read More
Insurance body: ICT essentialThe newly established Insurance Institute of Botswana (IIB) says in this day and age it was virtually impossible for organisations, insurance companies included, to operate without incorporating ICT in every facet of their operations. Read More
VMware appoints Scott Dodds as new Vice President, Channel and Alliances in EMEAVMware, the global leader in virtualisation and cloud infrastructure, has announced the appointment of Scott Dodds as Vice President of Channel and Alliances in Europe, Middle East and Africa (EMEA). Read More
IHS Towers awarded Telecom Finance Deal of the YearIHS Towers, Africa’s leading independent mobile telecommunications infrastructure provider, has won TelecomFinance’s 2015 award for Deal of the Year. Read More
Moving from doer to influencer – the shifting role of the CIOThe role of the chief information officer (CIO) has evolved over the past few years, with CIOs no longer just the decision makers for IT systems. Read More
World market for refurbished smartphones to reach 120m units by 2017The worldwide market for refurbished phones that are sold to end users will grow to 120 million units by 2017, with an equivalent wholesale revenue of around $14 billion, says Gartner. Read More
FEATURED STORYMalawi Govt denies clinging to ‘Cashgate’ software
The Malawi Government will not exclude the software brand that has been in use for the country’s Integrated Financial Management System (IFMIS), but it has rejected reports implying that it is ‘clinging’ to the old system.
BEST READ NEWS
IN DEPTHKenya’s digital TV battle hots up
Kenya’s journey to Digital TV broadcasting took a new turn this week, when the Communication Authority of Kenya (CAK) accused three local media firms of intent to disrupt the process.
COMPANY NEWSMTN demonstrates the benefits of its video on demand offering
MTN showcased the benefits of FrontRow when it streamed high bandwidth video content onto multiple mobile devices using its video on demand (VOD) offering.