Realizing the Potential Future of Payments (PayWithCapture)

The average Nigerian is multi-banked and this brings unique case scenarios like cash being spread around different cards and the inconvenience of lugging around so many cards. Likewise, the average consumer uses a mobile phone, has a minimum of two accounts with different banks and is plagued with connectivity issues. However, a cursory evaluation of the future of banking and mobile payment solutions in Nigeria showed that consumers want value and convenience.

There appears to be a reconsideration of the payment system from the user interface basis, security perspective and connectivity concerns. This is also based on the unfolding realities that the potential of future payments could only be achieved from the average consumer’s perspective.

Meet the PayWithCapture solution 
PayWithCapture is a mobile payment solution that permits customers to make payments by scanning a generated QR-Code using the camera of their mobile device, using Quick Pay by capturing the Merchant ID or Beacons NFC in the merchant’s store which automatically prompts you to pay. This application also works offline this means that data service is not required on the phone for payment. The transaction details are sent in little packets of data which have customer information encrypted for security. This process reduces, or rather, totally obliterates issues of network downtime and inability to process payments.

Remarkably, PayWithCapture is powered by Access Bank. Nonetheless, it is inclusive of different institutions and payment instruments and works with secured SMS as an alternative to the internet. It can be linked with different cards (MasterCard/VISA, Bank Account & Mobile Wallet) and affords customers the opportunity of selecting which payment instrument they choose to use. It also works with proprietary beacon technology and Near Field Communication technology. This allows you to pay without contact once you’re in an area (merchant location) that supports PayWithCapture. This is a massive step forward in ambient context identification, as beacons allow for background positioning and detection, giving new power to a phone that can make it truly ‘smart’.

In addition to this, PayWithCapture is PCIDSS certified which means that the platform meets international payment standard requirement. This certifies PayWithCapture as secure and consumer’s sensitive payment card information is safe. Furthermore, a two-step authentication process is required to sign into the application and perform transactions. 
Additionally, recognizing the importance of a good user interface, its intuitive user interface is clear and concise, allowing consumers navigate the app easily.

The versatility of PayWithCapture is not limited to the Nigerian market as consumers in other countries like Ghana and Kenya can enjoy the benefits offered by PayWithCapture. What’s more is that the application is tailored to adapt to consumer’s need per country and more countries would be included. The PayWithCapture commitment to keep evolving to stay relevant in the payment space and changing technological landscape would be visible in future versions of the application.

In a world where banks are eager to place their identities on payment solutions and put technology in silos, Access Bank has toed a different route by releasing a payment solution that is inclusive of all banking platform and are allowing this solution have a life of its own, in a move reminiscent of the neo-banks floated by BNP and Moven Bank.

Head of Digital Banking at Access Bank, Adeleke Adekoya said the mobile payment world is on a journey of inclusiveness and Access Bank has taken the biggest leap in that direction with this inclusive payment solution.

It is an issue of inclusion and fidelity. We realized that the average Nigerian is multi-banked, and with PayWithCapture, you can pay with any bank’s card. You register all your Cards on your PayWithCapture profile and they will be selectively or collectively debited based on your preference”, he added.

Brands are no longer limited by shelf displays and point-of-sale campaigns to communicate their messages, and merchants can extend past the store floor or shelf to deliver a personalized, digital form of outreach to identified shoppers. Because they offer the potential to target a consumer at the most opportune moment, beacons are especially great for our merchants because shelves and store displays can suddenly become interactive and personalized.

We have also made payments easy with wearables. Use force-touch on your Apple watch to pay and choose your preferred linked payment method. We believe the next Black Friday sales can happen on pages of newspapers or on TV screens”, noted Adekoya.

Moreover, there are rewards for signing on to PayWithCapture according to Adekoya who stressed that everybody deserves the convenience that PayWithCapture provides. 
With this in mind comes the launch of the #PayWithCapture Refer and Win Contest where consumers have the chance to win N5000 every day. “Next, convince your family, friends and followers to download the app and make a transaction. They could buy airtime at a 5% discount. The top 10 people with the highest number of referrals per day win N5000 instantly”.

Commenting on the unique value proposition of PayWithCapture, the Group Managing Director (GMD) of Access Bank Plc, Dr Herbert Wigwe, upheld the believe that forging growth in mobile payment solutions requires inclusiveness.

For the potential of mobile payment technologies to truly explode, it is important that we begin to see it as more than a bank initiative but more of a consumer initiative and that is where inclusiveness comes in. We are committed to providing solutions that meet people in their niche and we have been working closely with technology partners to achieve this. Nigeria is an exceptional country with unique consumer needs. To accelerate financial inclusion in Nigeria, we had to bring out a solution that allows for a combination of payment solutions. This allows us meet every consumer in their niche”.

Banking is morphing into something at the intersection of retail and mobile, and inclusiveness is the way to go.

(THISDAY Newspaper, 16th November 2015)