LAGOS, MAY 4, 2018 – Pan African bank, Ecobank Nigeria has launched a multi-featured digital payment solution known as, Ecobank Pay, the bank announced yesterday.
In a statement released by the bank, the bank said Ecobank Pay is built as a core part of its digital financial services ecosystem approach and will deliver unified and instant self-service across a range of interconnected payment solutions, adding that the new solution can be used by all businesses from small informal micro merchants to large corporates as well as governments, allowing them to offer easy and convenient payment options to their customers in-store or online.
According to the statement: “Ecobank Pay includes a rebrand of the Ecobank Scan+Pay QR offering, which allows customers to pay in-store via the Ecobank mobile app. Merchants can now also speedily sign-up for their QR merchant code via the Masterpass QR for Merchant functionality on Facebook Messenger.”
It further explained that, as the Ecobank Pay ecosystem expands, it will unify all of Ecobank’s digital payment offerings for services such as internet payments, eCommerce, paying bills by mobile and airtime top via mobile.
Commenting on the new digital solution, Managing Director, Ecobank Nigeria, Charles Kie, said: “Ecobank is committed to simplifying doing business for the people it serves, and Ecobank Pay is a payment solution channel that will make payments easier, faster, convenient and more secure.
“As an enhanced payment platform, it will make business cash flow easier to manage and will help to grow sales as it accepts payment from any mobile phone user at anytime and anywhere, whilst improving both convenience and the client experience. It has no initial transaction charges and is a cost-effective alternative to POS terminals as payments are directly authenticated, pushed and approved by the customers buying the goods or services, therefore limiting the risk of chargebacks or disputes,” he added.
He noted that the clear advantages of Ecobank Pay is that everyone can use it regardless of size, and the value it brings through the digital QR code technology that will enable businesses to access more financial services.
Similarly, Group Executive, Consumer Banking, Ecobank Transnational Incorporated, Patrick Akinwuntan, said: “The merchant receives instant credit for all transactions as opposed to the current transaction day plus one (T+1) of a POS transaction.
