United Bank for Africa (UBA) Plc has unveiled NQR, a cutting-edge QR-code-based payments system designed to elevate the experience of merchants and buyers. This innovative tool empowers Micro, Small, and Medium Enterprises (MSMEs) in Nigeria to receive instant payments from customers through a simple code scan.
Embedded within the UBA mobile banking app and powered by the Nigeria Inter-Bank Settlement System (NIBSS), NQR ensures a consistent and user-friendly experience, aiming to accelerate the adoption of digital technology nationwide. It offers a swift, secure, and contactless method for receiving and making payments for goods and services.
Olukayode Olubiyi, Head of Digital Banking, emphasized UBA’s commitment to customer satisfaction. Recognizing the vital role of MSMEs in the economy, he acknowledged their reliance on cash but also noted the increasing demand for safer and more convenient payment options. Partnering with NIBSS, UBA introduces NQR (NIBSS QR) – a secure, contactless payment platform tailored for merchants and customers to facilitate QR code-based transactions.
Olubiyi highlighted the advantages of NQR, including instant payments without the need for a debit card. Customers simply scan the code to complete their transactions. Additionally, each NQR payment can seamlessly integrate with the merchant’s cash register, streamlining book balancing and eliminating the need for manual record-keeping. Merchants receive instant notifications confirming successful transactions, ensuring transparency and efficiency.