In recent times we have seen major innovation in the payment industry across all markets with the aim of simplifying payments. In March 2021, Nigeria Inter-Bank Settlement System Plc (NIBSS) launched the NQR payment solution which enables Nigerian customers to make payments easily within seconds by simply scanning a barcode.

QR code payment is a contactless payment method where payment is performed by scanning a QR code from a mobile app. This is an alternative to doing electronic funds transfer at the point of sale using a payment terminal. This does not require infrastructure traditionally associated with electronic payments such as payment cards, payment networks, terminals and business accounts.

What is NQR? 

Let’s take a look at John, a young Nigerian man in his late twenties who has always wanted to give his girlfriend her dream proposal at a cinema, he reaches out to the events manager at Filmhouse Cinemas to make enquiries on planning the proposal. After discussions, both parties finally came to a conclusion and payment had to be made. Using his device, all John had to do was; 

  • Select QR on checkout and a QR code was displayed
  • Then log on to his bank’s mobile app and select ‘NQR payment’ or ‘scan QR’
  • He scanned the code, confirmed the business which was Filmhouse Cinemas and the amount
  • Then enters his pin, and in seconds payment was made.

The NIBSS NQR is a payment solution code that simply allows customers like you and I to ‘scan to pay’ in seconds.

 Here is why you should accept NQR payments

  • Payments made simple

As the popular saying goes, “it’s convenience for me”. All it takes is just three easy steps: tap, scan and pay. It is as simple as ABC, and the best part is no account details are required in the process. Both businesses and customers receive alerts instantly, which makes transactions faster and safer.

  •  Enhances sales and customer loyalty

Businesses that start accepting NQR payments currently have an opportunity to increase sales and customer loyalty through the “Scan to Earn” promo that gives 10% cashback to customers when they spend N50,000 or more via the NQR payment method. This is a great opportunity for businesses to acquire more customers, increase sales and reward customers. When customers know they’ll be rewarded for making a payment, it is definitely an incentive to visit your business and spend more money. If you are yet to enable the NQR payment method, use the steps below to do so. This is not an opportunity you should miss out on.

 How to enable NQR payments

Regardless of what your business is about, this payment method is surely right for you. A reliable solution for fast, contactless, secure and seamless payments; NQR is available as an option on the Flutterwave payment gateway, facilitating instant payments and connecting customers to endless possibilities. This is one of the many ways Flutterwave simplifies everyday transactions for individuals and businesses. 

If you need further clarification, our customer experience team is always available to help you, you can send us an email here.

Published by Olawunmi Akinsanya

Product Marketing Intern