Interswitch Drives Cashless Policy With Electronic Payment Solutions

The Cashless policy, an initiative of the Central Bank of Nigeria (CBN) and the 24 deposit money banks, aimed at encouraging electronic transactions and reducing the amount of physical cash in circulation has been given a push by Interswitch with the availability of its e-payment solutions such as Paydirect, Autopay, Direct Debit, Verve Card, Quickteller, Webpay and Smartgov.

Explaining each of the electronic payment solutions on the Interswitch platform, Managing Director and Chief Executive Officer of the company, Mr. Mitchell Elegbe, informed at a press conference in Lagos that the solutions were in tune with the policy and direction of the CBN, and would assist individual, corporate organisations, government agencies, merchants, manufacturers and suppliers meet their electronic payment needs under the Cashless Scheme.

With Verve payment cards, and others like MasterCard, Visa, Genesis and Freedom Card, issued by the banks, individuals can perform electronic payment transactions such as cash withdrawal from the ATMs, fund transfer via ATM, web and Point of Sales (PoS), top up their mobile phones virtually via ATMs, web and PoS, make payments for pay TV such as DSTV, Startimes, HiTV and others via ATMs, web and PoS; and make payments for purchase of goods and services at stores, supermarkets and several merchant locations across the country.

“Autopay, the country’s Funds Disbursement solution, is a secure web-based online real-time payment solution, which enables corporate organisations as well as government ministries, agencies and departments (MDAs) make payments from their corporate accounts to staff, vendors and supplier accounts domiciled in any of the 24 banks in Nigeria.” Elegbe stated. He further explained that there were close to a 100 businesses, government ministries, departments and agencies, religious bodies on the Autopay platform.

In the same vein, Interswitch has Funds Collection solution called Paydirect, also a web-based, multi-channel solution that enables organisations receive immediate value for payments made into their accounts from any bank branch across the country. He also explained that; Paydirect is not restricted to bank branches alone; payments can be made to an account through a Website, ATM, Mobile phone, Point-of-Sales (PoS) terminals. The solution automates the entire collection process as it solves the problem of cash movement, tracking and monitoring of payments made to the company by distributors or customers.