NIBSS bets on QR codes as a cash alternative for small-value payments
- NIBSS has improved the speed of QR code payments by eliminating separate fee queries and enhancing security.
- NIBSS partnered with the Lagos State government to test QR code bill payments, achieving 750,000 transactions in the first week.
- First Bank integrated QR payments into their app's homepage, resulting in a spike in usage.
The push for QR code payments by NIBSS represents a significant step towards modernizing Nigeria's payment landscape. However, the success of this initiative will heavily rely on the adoption rate among merchants and the effectiveness of the new features introduced. Continuous improvements in user experience and transaction reliability will be crucial for sustaining growth in digital payments.
