FIRSTBANK QR PAYMENT
QR Code Retail Payment is a solution which enables payments to merchants by scanning of the displayed QR Code using a mobile banking App linked to any of the two major networks – Visa and MasterCard.
Simply, First QR is a simple, secured, convenient and innovative payment mode usable by scanning a QR (Quick Response) Code using mobile banking app on phones with a mobile camera or via NFC (Near Field Communication) tags.
- Simple: Your customers only need to scan, pay and go
- Secure: Get direct payment into your FirstBank account
- Efficient: Accept payments 24/7
HOW IT WORKS
- Interested merchant visits the branch to complete an enrolment form after which a QR Code is generated with the account details embedded. The form is also available on firstbanknigeria.com
- To consummate a transaction at merchant location, customers are to launch their mobile banking app and select QR Payment; Visa QR, Masterpass or Paycode.
- Customers open the mobile app and select “Pay with QR Code.
- Customers scan the displayed QR Code at the merchant location, the merchant detail is captured, transaction amount is entered and PIN verified on the mobile app.
- After successful authorization, debit is passed to customer account and credit to merchant account.
- Customers are notified at the end of each transaction while merchants will also get a push message as well as a summary transaction report on the merchant app.
Benefits to the Merchant;
- Wider acceptance: Merchants can receive payments if cash and debit/credit cards are not available
- Flexible settlement cycles (Instant/Consolidated)
- Detailed transaction reporting
- Increased security of payments
- Reliability
Benefits to the Customer;
- Convenient way to make payments
- Increased security of payments
- Reliability
- Increased speed of transaction
FBN QR is designed for Micropayment hence, most payments are retail based. The target market for this product includes:
- Religions Organizations: e.g. Churches, Mosque and other places for payments of tithe, offerings, etc.
- Retail Stores: e.g. Supermarket, Grocery Stores, Chain Outlets, Pharmacies, etc.
- Eatery and Entertainment Outlets E.g. Restaurants, Eateries, Bars & Lounges
- Movie Entertainment: Film House, Cinemas etc.
- Education Sector: Privates Schools, Tertiary Institutions
- HealthCare Sector: Hospitals, Clinics, Care Centers or Homes
- Luxury and Indulgence: Spa, Beauty Salon, Hair Salon, Fashion shops
- Lodging: Hotels & Motels
- Delivery Outlets
- Service providers that receive payments
A Merchant Service Charge of 0.75% applies to each transaction.
No charge however to customers/payers