Exclusive: Paystack deepens its payment play with direct debit
- Paystack is launching a direct debit product that will allow Nigerian businesses to charge customers’ bank accounts directly.
- Direct debits are useful for recurring payment activities and can reduce costs related to card transactions.
- Paystack worked with NIBSS to connect nearly two dozen banks for direct debits, reducing the processing time to set up each consumer to mere seconds.
The launch of Paystack's direct debit product in partnership with NIBSS is a significant development for Nigerian businesses. It will provide a convenient and cost-effective way for merchants to collect payments from customers' bank accounts, reducing reliance on debit cards and associated costs. The exponential growth of direct debits in Nigeria demonstrates the demand for alternative payment methods. Paystack's focus on non-card alternatives and its commitment to improving the payment experience for businesses and consumers position it well in the market.
