Interswitch showcases e-payment solutions

BUSINESS

|
Image: By BiztechAfrica
Interswitch showcases e-payment solutions

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.



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE BUSINESS NEWS

WorldRemit raises $45m to drive next phase of growth

Money transfer service WorldRemit has raised $45m in financing from TriplePoint Venture Growth BDC Corp. and Silicon Valley Bank. Pioneering a mobile-first approach to remittances, WorldRemit will use the funds to support its rapidly growing transfer volumes. Read More

Jumia, AXA partner to provide insurance products and services to African customers

AXA will become the exclusive provider of insurance products and services through Jumia and other AIG online and mobile platforms in Africa. Read More

Orange to acquire Millicom subsidiary in DRC

Orange and Millicom have signed an agreement leading to Orange’s acquisition of Millicom’s operations in the DRC. Read More

Ringier Africa and Asia Pacific get new structure and leadership

Ringier is restructuring its international market set-up for the beginning of the new year, with four dedicated teams established for each of the African business models.  Read More

Travelstart secures strategic partnership with MTN

Amadeus, the global technology investor, has announced a $40m investment in Travelstart in partnership with MTN, Africa’s leading mobile and digital life services operator.  Read More

VMware appoints new Regional Director of SSA

VMware has announced the appointment of Matthew Kibby as regional director of Sub-Saharan Africa (SSA). Read More

More than 700 delegates at Sage’s first African Business Partner Conference in South Africa

Sage’s first African Business Partner Conference in SA marks a milestone in Sage’s journey towards becoming the global market leader for integrated accounting, payroll and payment systems. Read More

SweepSouth secures funding from top SA Venture Capitalists

Vumela Fund has backed online home cleaning services platform SweepSouth. Read More

Smarter use of digital skills, tech, could boost global economy by $2 Trillion: Accenture

Optimizing the use of digital skills and technologies could generate $2 trillion of additional global economic output by 2020, according to a new study by Accenture. Read More

Ghana’s real estate industry to benefit from MLS database

Real Estate Professionals in Ghana will soon have access to a new Multiple Listing Services (MLS)  designed to relieve them of the stress of listing properties.  Read More

PRESS OFFICES

Sage EnterpriseSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4AfrikaNetworks Unlimited

FEATURED STORY

Viber Spreads Good Vibes in Africa with the introduction of public chats Viber Spreads Good Vibes in Africa with the introduction of public chats

Viber, one of the leading messaging and calling apps with more than 664 million unique users worldwide, has opened its latest social channel ‘Public Chats’ to partners in Africa and the Middle East. 

IN DEPTH

Poised for greater heights – Roshi Motman, AfricaCom CEO of the Year WinnerPoised for greater heights – Roshi Motman, AfricaCom CEO of the Year Winner

Roshi Motman is not your average CEO. Since taking up the reins as the first female CEO of Tigo Ghana in 2014, she has led the Tigo brand through a remarkable transformation. 

COMPANY NEWS

Arbor Networks maintains leadership in IHS Infonetics Report on DDoS prevention appliances

Arbor Networks was identified once again as the top supplier of DDoS mitigation appliances overall, as well as in the Carrier, Enterprise and Mobile market segments, according ...