OnePay: Sterling Bank launches first mPoS solution for retailers

Sterling Bank Plc has launched OnePay for Business, a mobile app that empowers merchants to use their mobile phones as Point-of-Sales systems. The solution allows merchants and their customers to receive and make cardless, contactless, and cashless payments for goods and services in a near-cash form using QR Code, Bluetooth, and PaywithSpecta. Introducing the solution in Lagos, Group Head, Digital Banking at Sterling Bank, Dipo Alabede, said it meets the need for a hygienic payment method in a COVID-19 world. According to him: “The contactless payment feature on the app is essential for merchants and customers because it keeps both safe as the world combats the coronavirus pandemic.

It is also an effortless way to make payments.” Alabede said OnePay for Business was easy to use and available for download on the Android Play Store and iOS Store. It requires a smartphone with an internet connection to set up. After setting up, customers can log in to use payment options that include QR Code, nearby payment (Bluetooth), and PaywithSpecta. A QR code is a unique barcode containing the merchant’s business name, QR merchant ID, and other information encoded into it. Instead of manually entering data into their mobile phones, customers would scan a merchant’s QR code using the QR feature on their app to start the payment process. Alabede explained that customers could make payments using the app’s QR feature if it is enabled as a part of their mobile banking offerings.

He said: “To pay merchants, customers have to open their OneBank app or any other bank mobile app to select the QR service option, validate and complete the transaction.” He identified being able to make payments anytime and anywhere, even without a wallet or sufficient cash at hand, as one of the benefits of using the Sterling QR Service.

He added that merchants could also accept payments anytime and anywhere by using the mobile app. Urging merchants to download and use the app, the Executive Director, Commercial Banking at Sterling Bank, Tunde Adeola, noted that it would save them money and reduce their cost of operations. He added that the bank looked forward to supporting all merchants that will download and use OnePay for Business. Olayinka Oni, Chief Digital Officer of the bank, described OnePay for Business as another means of enriching lives through immediate settlement value for merchants.

He assured merchants and customers that the bank will continue to enrich the product, ensuring that it delivers on its promise leveraging the Nigeria Inter- Bank Settlement System (NIBBS) ecosystem for its overall benefits. Oni said Sterling Bank is prepared to do business with credible partners and happy to partner with the NIBSS on the project. In a goodwill message, Ibraheem Babalola, Managing Director of Clane Company Nigeria Limited, observed that OnePay for Business was revolutionary and mind-blowing.

“When you think about the issue the banking industry had had about scaling traditional point of sales from the cost perspective, you will appreciate the impact of this solution on the financial system. “Available data indicates that we have about 300,000 active POS terminals servicing over 50 million cards. And the super expensive nature of PoS at about N80,000 per one disqualifies many SMEs from having acceptance terminals. OnePay for Business accepts several million SMEs into the financial system by empowering them to use their mobile phones as Point-of-Service systems. OnePay for Business is a very innovative product,” Babalola disclosed.




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