Cashless payments via your mobile phones for the Nigerian market is set to have a new face with the recent launch of the SmartPesa Mobile payment system in the country. The initiative which was introduced by Innovectives Limited looks to change our approach to the concept of paying for goods and services while using the comfort and convenience supplied by our mobile phones.
Innovectives Limited is an organizational setup that is mostly concerned with the business of mobile and electronics payment.
The Managing Director and Chief Executive Officer of Innovectives Limited, Emmanuel Agha, said “SmartPesa mPoS works with existing banks not against them. As such, it does not have associated problems that plague proprietary mobile money solutions such as opening special accounts, reliance on customer behavioral changes and unclear legal/regulatory frameworks.”
“Cards are here to stay with over 20% per annum growth, cards have continued to be seen as the workhorse of banking and payments around the world,” he added.
As there are other mobile payments platforms around, the MD has noted the key features of the SmartPesa platform that helps it to standout from others. Citing that the platform costs 20% less to operate than other mobile payment platforms, it is also useful for other miscellaneous usages such as balance transfer, balance checks and cheque deposits. The platform is also compatible with all types of cards – both local and international – and can be supported by 97% of smartphones.
“Financial institutions can extend the platform beyond payments to include bill payment, agency banking and third party services (e.g. airtime, ticketing). Furthermore, unlike traditional POS devices, SmartPesa can update all devices to support future local and international cards, loyalty schemes or integrated inventory systems. Updates are done remotely and do not require costly hardware recalls or customer visits,” Emmanuel Agha finally said.