Firms deepen cash-less ecosystem with

The cash-less initiative of the Central Bank of Nigeria has received a boost with the introduction of a new payment service –, by Cosmos Technologies and Datamaic solutions.

A statement on Monday described Payme as Nigeria’s version of PayPal, which allowed individuals to send and receive money instantly, adding that the e-Payment solution was being powered by QuickTeller. Check out this site, for more info about paypal. The Project Director, Mr. Fikayo Otun, said, “To receive a cash-less payment, a registered Payme account holder simply provides his phone number to the person that needs to pay him.

The payer then goes to Payme’s website from any device as simple as a mobile phone with Internet connection, enter the phone number of the recipient and uses his ATM card to effect the cash-less payment, which is received instantly, and this is at no additional cost to the sender.”

He explained that Payme could also be described as a virtual personal Point of Sale terminal, adding that it would convert any smartphone, tablet or Personal Computer to a cash-less payment terminal.

According to Otun, the transactions on are safe as it requires the payers using their MasterCard or Verve ATM card to enter their PIN number and three number Security code as required for normal POS transactions.

“The receiver confirms the payment instantly and can transfer the payment to any of their registered bank account at anytime,” he said.

Otun observed that Nigerians were increasingly imbibing the culture of carrying out transaction such as shopping, receiving and sending money online.

He, therefore, said it was important that payment options being offered should afford greater usability requirements beyond just processing payments.

“People are looking for solutions that will allow them to make and receive payments how they want and whenever they want to in a quick, safe and affordable manner,” he said.

According to him, Payme offers a minimal amount of time to setup an account, saying it also ensures considerable few steps for people making payments to complete the transaction.

“With several cost and time saving features, Payme is the answers to the payments needs of Nigerians as the exploration of online and cash-less payments for both personal and business needs surges,” Fikayo added.

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