Everything You Need to Know About QR Payments  

QR payments in Nigeria

With the strain the pandemic has put on individuals and businesses, everyone is seeking safer and contactless ways to go about their regular activities.

From virtual interviews to virtual parties, remote jobs, virtual graduation ceremonies, streaming religious events, and so on, this “new normal”  has become the order of the day in almost every sphere of life.

Financial institutions are not left out of this evolution. Organisations, business owners, and service providers have provided their customers with NIBBS QR (NQR), an alternative payment option to cash payments and POS transactions.

What is QR Code

QR, an abbreviation for Quick Response, is a two-dimensional code. It has a pattern of black squares that are arranged on a square grid with a white background.

QR Code is quite similar to a bar code except for the fact that it can store a larger amount of information per unit area.

Read Also: Transactions You Can Perform With USSD Banking

NQR Payment: How it Works

This method is not only contactless but is faster than transfers done on Mobile Apps. With this payment method, you scan the NQR code displayed at the payment point, enter the amount and confirm the transaction with your secret pin.

After payment is made, your transaction will be confirmed instantly via notification. Receipts can also be provided for further confirmation.

Benefits of NQR Payments

As a business owner, NQR provides your customers with the following benefits;

1. A secure and faster choice of payment. Without exchanging cash or an ATM card, your customers can scan your business NQR code and make a successful payment for your products or services.

2. Each NQR payment can be integrated into your cash register to make balancing your books seamless. Manual bookkeeping isn’t needed. 

3. All payments are instantly verified. You receive a notification immediately after a transaction has been completed by your customer. 

4. Your NQR code can be synced with your POS printer to print receipts for further bookkeeping purposes.

The beautiful thing about UBA NQR transactions is that they can be carried out via the Mobile App.