Electronic Payment

eNaira is more or less like a digital version of the physical Naira. It is a Central Bank Digital Currency (CBDC) issued by the Central Bank of Nigeria (CBN) and will exchange 1:1 to the physical Naira. The eNaira was launched by Nigeria's former President flanked by the then VP and CBN Governor on October 25, 2021 and circulates in parallel with the physical Naira as legal tender in Nigeria. 500 million units of the eNaira were issued at launch. The new digital currency is built on a Distributed Ledger Technology and is aimed amongst other things to improve financial...

If you want to start a new retail business and are looking to find the best POS provider for your system, this is the right article for you! A good POS system can help you improve customer’s purchasing experience as well as support running your business easier. But not anyone can choose the right POS system from the beginning. There are 3 main criteria that need to be considered when choosing the best POS provider. Understand your Business Situation Understanding your business is critical since different POS systems are suited to different types of businesses. Furthermore, you may have an anticipated budget, so...

Toronto, Canada — July 21, 2021 — Chimoney today released a platform and API to make it easy for businesses to send, spend, and gift cryptocurrencies, gift cards, mobile money, airtime, and other assets globally. With Chimoney, companies that want to move value to a geographically distributed group of people can now do so without needing to know their location, local currency, bank account details, or payment option that they accept. The new Chimoney website showcases the range of products services offered by Chimoney via its Business dashboard and Developer APIs, which allows bulk payouts to user emails or social media usernames.  Asked...

Annual online payment fraud is projected to amount to $48 billion by 2023. If you are an e-commerce business that accepts credit cards, then you need to have adequate security measures to protect your customers’ personal information. In light of the rise of cybercrime incidences, you cannot afford to skimp on data security. Fortunately, PCI DSS is here to help you guard your clients’ credit card data. What Is PCI DSS PCI DSS is a set of requirements that are meant to secure cardholder information. They safeguard the interests of the customer, your e-commerce store, and the card brand. Every entity that comes...

OPay is a leading easy Banking and Payment solutions provider in Nigeria. The service was launched in 2018 by Opera Norway AS Group the developers of the popular Opera mini web browser. It is a mobile payment platform that allows its users to pay for goods and services electronically as well as save money using a mobile phone. OPay is a mobile service that offers you a lot. Like we really mean a great deal of services to choose from. This is the reason why it is now used widely in Nigeria and a couple of other countries in Africa. With...

According to GTP Headlines, one of the largest global industries in 2018, “the Travel and Tourism industry contributed $8.8 Trillion to the global economy”. Nonetheless, the travel industry is considered a high-risk industry. The risk climbs even higher for those who are in the timeshare business. Timeshare companies offer a product that facilitates economical vacation options for clients. In era where traveling is considered as a therapy to shackle away personal as well as the professional hindrance, timeshare companies have a huge scope to grow. But managers of timeshare companies need to ensure that the core goal of their business,...

Morocco? Yes, it is famous as an inexpensive holiday destination in the world. But you need money to be any part of the earth, So in Morocco. When I was on holidays in Morocco, I didn’t face any problem regarding money and cash because I knew everything before reaching there. But what I found there were the tourists worried and confused about how to tackle with the credit cards and ATM issue there. The questions you might have in your mind that what is the currency of Morocco, what makes your local ATM card works in ATM machines of Morocco. Here...

Running a salon or spa business is not an easy task as assumed by many. One has to wake up early in the morning, open the salon centre, assign duties to the salon staff, communicate with customers, process their requests for the requested services, offer beauty products and services, manage finances, maintain diaries, etc. All these works make your life busy. The sudden flow of customers on weekend days, mismanagement in salon business operation, unannounced leaves taken by employees, irregularities in funds collection & management, negative remarks from dissatisfied customers, etc, add fuel in the fire and make your business...

If you’ve invested in a mobile point of sale (POS) system, you know all about the benefits that this tool brings to your business. Using a mobile POS system you’re able to automate and streamline inventory management, have access to real-time sales data and other analytics, along with more efficient employee management. But did you know that a mobile POS system can also improve your marketing strategy? If you’re looking to create more personalized, targeted, and successful marketing strategies, you’ve got just the tool you need. Here are 5 ways that you can leverage your mobile POS system for improved marketing. 1....

Restaurants have changed the way that they do business over the past couple of years. There have been new technological advancements in the industry that helps businesses in the food industry properly manage their restaurants. Fortunately, more businesses are jumping on the bandwagon and adopting these new restaurant POS systems. POS systems have provided many food businesses with a variety of functions that help them manage all aspects of their business more easily. What's even better is that they are incredibly affordable and almost anyone can afford their subscription service. Let's take a look at how your restaurant can benefit from...

The technology behind contactless payments is continuing to evolve at a frightening rate, with biometrics playing a pivotal role in this. Last year saw Gemalto launch the world’s first biometric EMV card for contactless payments, which included a fingerprint sensor on the right of the card body to enhance user security. This is also part of a wider move to do away with cards altogether, with biometric solutions helping customers to pay with their smartphones and similar devices without compromising their safety. For now, however, we continue to use standard and contactless debit cards to complete everyday purchases, while credit cards...

Want your restaurant to stand out from the rest? You’ve got a great menu and now want to excel at service? Consider, a full stack restaurant management system. A restaurant management system is the complete integrated software system for your restaurant that helps you stay on top of all your essential processes. It is the solution a restaurant needs, across online ordering, table reservations, billing, inventory management, accounting, security, marketing & CRM, analytics, loyalty, payments, employee scheduling, and payroll management.   A restaurant management system lets your software carry out the day to day functions. Customer data that comes into...

Payment transfer through the internet is influencing people's lives rapidly at a faster speed. Since it was inception in 2010, Paytm team have been providing awesomely great services and transfers in their mobile recharge business. But from the last few months, they are trying to become one of the biggest players in the E-commerce space in India. People love to use the platform for making payment transfer. India, one of the largest democracies in the world is on the verge of different technologies. Paytm started it's services as a mobile recharge provider in 2010. Slowly and steadily they are expanding their business...

Not sure what to get a family member this holiday season? Or maybe a friend has an approaching birthday? Cash is a great option, especially since there are so many fun ways to give money that go beyond stuffing cash into a card inside an envelope! However, there’s an even easier way to give friends and family members the money they crave. Instead of giving them cash the old-fashioned way, the modern age provides you with plenty of tech-friendly ways to gift money quickly and easily. Money Transfers There are tons of ways to send money without actually forking over the green. One...

Although it is often seen as a casual outing, shopping always has the potential to be one of the most grueling undertakings. Even the most discerning and prepared consumers can suffer from long wait times and poor inventory, particularly if a store isn’t prepared for a rush. This is especially true during the autumn months, when peak hours are consistently packed with eager customers. If it’s not back to school shopping that has driven someone to the mall, it’s preparation for Thanksgiving or Halloween that has them shopping until they drop. No matter how many hours one may spend clipping coupons...

In America, most of the people eat out rather than cooking at home. The Point of Sale (POS) is a type of computer system which has made business a lot easier. With the help of POS, restaurant businesses can now run very smoothly and efficiently. As such POS systems are often called the unsung heroes of the restaurant business. You can observe that many businessmen in America want to implement the POS system in their restaurant. In the last couple of years, many POS machines have been introduced in restaurants such that you will find some of the best restaurant...

Following a rapid economic growth, consumer-facing industries have quietly grown into a significant economic force in Africa's most populous nation. Over the last decade, the Nigerian telecommunications and banking industries have experienced rapid expansion, serving rising demand and a fast growing middle class. A typical Nigerian consumer nowadays demands a modern, fast and, most importantly, safe shopping experience which is enabled by a dependable payment system. In the broadest sense of the term, payment system is a set of systems enabling transfer and circulation of funds. To perform its role successfully, the payment system must fulfill three prerequisites. One is that the...

Nigerian payments company Paystack has raised Series A funding from global payments leaders Stripe, Visa, and Tencent In little over two years, Paystack has grown to power tens of thousands of businesses of all sizes, and already processes more than 15% of all online payments in Nigeria—Africa’s largest economy. The funding will be used to fuel Paystack’s continental expansion, build out their payments infrastructure, and grow their engineering team. LAGOS, AUGUST 28, 2018 - Paystack, a Nigeria-based startup providing payments tools to businesses in Africa, has raised $8 million in Series A funding. The round was led by...

Engaging in the CBD business can be a lucrative venture. In 2017 the legal sales of CBD products and medical Marijuana hit the $10 billion mark. However, most of the banks still treat the CBD businesses as high-risk businesses and therefore do not offer payment processing solutions for them. The few banks that offer the services do so with a lot of restrictions and exorbitant charges to the businesses. Without a merchant account, the business would not be able to receive online payments through cards making it difficult to run the business. Many third-party payment processors that deal with high-risk businesses...

Nigerian startups CredPal and Zowasel win in the Merchant Payments and Financial Inclusion challenges respectively Lagos, Nigeria; 25 July 2018: Visa (NYSE:V), the world’s leader in digital payments, announced Nigerian startups CredPal and Zowasel as winners in the Merchant Payments and Financial Inclusion challenges of its first ever Sub Saharan Africa (SSA) Everywhere Initiative, a global program aimed at startups and designed to encourage the development of the next big thing in payments. The winning solutions beat 10 other contenders selected from 238 submissions to emerge as champions. The SSA program was structured around three real life business challenges: Merchant Payments...