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The Nigeria Quick Response Code NQR launched by Nigeria Inter-Bank Settlement System Plc (NIBSS) is one of the technology developed to make our banking and financial system easy.
The Nigeria Tech world welcome the innovation with broad hands as it will make transaction between two ends users more fast, cheap and efficient.
Aweda Akeem a tech savvy says it is a new contactless payment alternative.
NQR was majorly created to enhance safety in payment systems in Nigeria as it is contactless. MD, NIBSS said.
So how do we integrate NQR on our website, Shops and for other uses. we got it covered here.
Nigeria Quick Response Code NQR Payment
It is a secure QR-code-based payments and collections platform designed for merchants and customers to receive and make payments for goods and services. This indigenous payment solution is powered by NIBSS for and on-behalf of the Financial Services Industry in Nigeria. The account based transaction platform will unify all available closed QR code schemes in the country for consistent user experience and acceleration of digital adoption
Payment Solution based on EMV® QR Code Specification with high security and flexibility for customization.
Unique Value Proposition
- API-driven and provides local and global interoperability
- Effortless Merchant Onboarding (Single & Bulk Upload)
- Real time Merchant & Sub-merchant notification
- Provides Instant Value to Merchants
- Centralized QR Code Management System
Features of NQR Payment System
- Admin Consoles
- Issuing and Acquiring APIs
- Merchant and Sub Merchant App
- USSD
Touch Points for NQR
- Retail outlets
- Ride Hailing/Taxi Payments
- Bus Fares
- Tolling Booths payments
- Vending Machines
- Smart Retail Payments
How to Integrate / Onboard NQR payment system
Onboarding Requirements
Documentation sub-steps:
–Submission of certified true copies of:
Memorandum and Articles of Association
Statement of Authorized share capital – Form CO2
Certificate of Incorporation.
Particulars of Directors – Form CO7
Tax Clearance (min. 3 years)
-Submission of:
Corporate profile of client
Letter of Intent stating your purpose for the connection.
Letter of Introduction from your settlement bank (as applicable)
OFISD report/CBN Examination containing composite risk or camel rating (as applicable)
General terms and conditions
CLICK HERE TO REQUEST/ONBOARD THE NQR PAYMENT SERVICE
Quick things to know about Nigeria Quick Response Code Payment NQR
1. What is the meaning of NQR?
NQR means Nigeria Quick Response Code and it is a secure platform for merchants and individuals to make and receive fast and instant payments.
2. How does NQR Work?
Merchants on the NQR platform display QR Codes generated to receive payments at their locations.
Payers/customers select the NQR option on their banks mobile application and scan the displayed NQR Codes to make payment to the merchant.
Merchants and Payers get instant notification of payment made.
3. Who can use NQR?
Merchants/Business Owners, big or small, can use the NQR to receive payments from individuals and get instant value in their bank account.
4. What are the benefits of NQR?
NQR provides many advantages over existing e-payment solutions to both merchants and payers. These include:
- Instant value to merchants for all transactions.
- Zero cost of on-boarding, infrastructure and otherwise, to the merchant.
- Instant notifications to both merchants and payers of payment made.
- Lower transaction fees across the various price bands
- Little to no chargeback or dispute issues, as transactions are first authorized at the payer’s bank before being pushed to the merchant’s bank (push transactions)
- A reconciliation and reporting portal for merchants.
5. What are the Transaction Fees for NQR?
The fees applicable for NQR payments depend on the type of payment and the transaction amount.
For Payer to Business (P2B) transactions
6. Are there any minimum or maximum transactions limits on NQR?
Yes, but the transaction limits are determined by the payer’s bank.
7. Where do I go if I have a dispute to redress?
NQR builds on the existing instant payment infrastructure. Payers should please contact their banks to resolve any and all issues regarding NQR payments.
8. What do I do to be set up for NQR usage as a Merchant?
Merchants should visit the android playstore to download the NQR Merchant app. Merchants will then subsequently register as a merchant with their bank of choice by submitting: (a) Last Name (b) 11 digit BVN (c) Account Number.
Merchants will then supply the OTP sent to the phone number registered with their bank of choice to complete set-up.
9. What do I do to be set up for NQR usage as a Payer?
Payers can gain access to the NQR via the mobile banking application of their bank of choice. To set-up your bank’s mobile banking app, kindly visit your bank website or any branch of your bank for assistance.
