We’re simplifying payments for endless possibilities every day. Some days, it is integrating one of the biggest payment networks in the world, other days like today it is integrating a payment method that is dead simple and fast for customers to make payments. We’re excited to announce that Nigeria Inter-Bank Settlement System Plc’s (NIBSS) new NQR payment method is now available on Flutterwave.
What is NIBSS’ NQR?
NIBSS’ New Quick Response (NQR) payment solution code is an innovative payment platform that delivers instant value for P2B and P2P transactions by simply scanning to pay.
This Payment Solution designed to be “low cost” for merchants, will enable shoppers to scan a QR code generated on the merchant’s checkout page if they opt to pay via QR. Each transaction will display a QR code that will have unique details containing the information relating to the transaction and will link with a customer’s Banking App, already enabled on their smartphone.
How to enable NQR Payment Method
- Go to Settings on your dashboard
- Click on Account Settings
- From the “What methods of payment do you want?” list, check “Visa QR”
- Click Save.
That’s it. Your Nigerian customers can now pay you using NIBSS NQR.
How customers pay using NQR
- The customer selects QR on your checkout and a QR code is displayed.
- Then they open their bank’s mobile app and select “NQR Payment” or “Scan QR”
- The customer scans the QR code on the checkout, confirms the merchant’s name and amount.
- The customer authenticates using their PIN and completes the payment.
That’s it. The payment reflects in your dashboard like all other payments and you get settled as usual. Here’s a video that shows the process:
Does this cost anything?
This service costs 1.4% of the transaction value capped at N2000, just like our local payments in Nigeria.
What kind of businesses are eligible?
All businesses on Flutterwave that accept payments from Nigerians can enable this payment method.
Does this payment method affect my settlement cycle?
No. This payment method doesn’t change your previous settings for your settlement or affect other payment methods you enabled already.
If you need further clarification, our customer experience team is always available to you. Email us here.
We cannot wait to see the difference this new opportunity makes to you.