Jaiz Embraces NQR Code For Vibrant Payment Solutions

Nigeria’s premier Non-Interest Bank, Jaiz Bank Plc, has embraced and deployed the newly introduced Quick Response Code (NQR) to ease transactions for her teeming customers and merchants.

NQR Code is an indigenous payment platform, designed by the Nigeria Interbank Settlement Scheme (NIBSS), to provide a reliable and better payment experience with the aim of lowering transaction costs for customers.

The Bank’s Head of Corporate Communication, Halima Ishaq, said in a statement that as a cutting-edge addition to its e-Banking products, NQR Code would be leveraged upon to ensure quick and convenient means of payments for goods and services.

Speaking on the new Code, Managing Director and Chief Executive Officer of the bank, Hassan Usman said the solution is one of the most inventive and exciting products now driving payment systems in Nigeria.

He said the Jaiz’s deployment of NQR is in line with its strategy of growing retail business; deepening digital financial inclusion; and lowering transaction cost for the growing customers’ base.

“The Bank is deploying NQR payment system as part of its growing digital solutions to retain and attract merchants that require efficient but cheap payment solutions due to their relatively small profit margins,” Usman said.

Designed for merchants/individuals to receive or make payments for goods and services, the NQR service is a flexible digital and contactless payment solution, particularly convenient with an integrated process that leverages on Application Programming Interface (APIs).

It also enhances the scanning to pay mode; fast-track the process for receiving money in real-time; and facilitates quick payments option for customers.

A statement issued by the bank said the Platform is integrated with its existing mobile banking application to support retail payment and card-less ATM withdrawal.

The payment system will only require customers to log into the app, scan the NQR code, authenticate the transaction with a PIN and merchants are instantly credited with the value.

Similarly, the statement explained that the NQR code are barcode-like tokens that mask data, adding; “These tokens are then used for the transmission of data used for the authentication of payments. It could be static and reusable or dynamic which can be scanned only once.”