Ecobank Berths Ecobank Pay, First Unified Digital Payment Solution
A multi-featured digital payment solution, Ecobank Pay, is now available from Ecobank Nigeria. Ecobank Pay is built as a core part of Ecobank’s digital financial services ecosystem approach and will deliver unified and instant self-service across a range of interconnected payment solutions.
The platform 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.
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.
As the Ecobank Pay ecosystem expands it will unify all of Ecobank’s digital payment offerings for internet payments, eCommerce, paying bills via mobile and airtime top via mobile.
The Ecobank Pay QR offering, or Unstructured Supplementary Service Data (USSD),will continue to allow customersofanybank in Nigeria or beyond, to make payments for goods and services, using their mobile banking app to Scan+PaywithMasterPass, VisaormCash as the means of payment.
mCash allows merchants to receive payments from their customers on one single Merchant Terminal ID for both Scan+Pay and USSD through the Nigeria Inter-Bank Settlement System (NIBSS) mCash service by dialing *402#.
For both Ecobank Pay Scan+Pay (via MasterPass and Visa) as well as USSD, merchants will receive instant credit on their account with Ecobank. This digital payment solution is targeted at small informal micro merchants, registered small and medium size merchant businesses, corporate and institutional merchants operating in-store or online, as well utilising the social media platform of Facebook Messenger to sign up for QR technology.
“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,” commented Charles Kie, Managing Director, Ecobank Nigeria.
Patrick Akinwuntan, Group Executive, Consumer Banking, Ecobank Transnational Incorporated, says: “The merchant receives instant credit for all transactions as opposed to the current transaction day plus one (T+1) of a POS transaction. Customers can make payment from any type of mobile phone and notification is provided through SMS, the merchant app and the merchant portal.
“Ecobank Pay is an innovative, cost-effective and convenient digital payment solution that will enable businesses to enjoy quick settlement, grow sales, increase customer loyalty and make it easier for them to expand into new markets”, Akinwuntan added.