Nigerian consumers have been introduced to the country's first mass-marketable phone and Internet payment system, e-Card, which enables them to shop securely and effect money transfers online. Based on Sybase's Enterprise Portal technology and e-business platform, the solution lets e-Card holders make online payments via SMS, VoiceXML, and the Web.
WAP-based payments will become available once the country's GSM operator enables WAP connectivity.
"The solution enables true remote transaction settlement for the first time in Nigeria," says Folake Olabiyi, e-Card Solutions corporate affairs manager. "Transactions flow between the participating banks via Sybase's Enterprise Portal and daily settlement is effected through the Nigerian Inter-Bank Settlement System."
Nigeria is predominantly a cash-based country, with around 10% of the money in circulation flowing through the banking system. This makes it difficult for the government to optimise its monetary policies in its bid to revamp the nation's economy. High theft and armed robbery rates have also been blamed on the large amount of cash in circulation.
"Up until now, e-payment options in Nigeria, either electronic or card-based, have been unsuccessful due to the poor communications and power infrastructure in the country," she says.
At the same time recent trends, exemplified by the success of local GSM operations, have pointed to unexpected technology sophistication and demonstrated Nigerians' desire to follow global trends in technology and e-commerce development.
"e-Card takes advantage of this trend by enabling the electronic payment of telephone bills and utilities, money transfers, and all other traditionally cash-based transactions, without physically unloading value from the card," says Valentine Obi, Sybase Nigeria CEO. "The electronic payment solution involves banks, merchants and telcos, and card-holders. All the players interact via the e-Card portal, built on Sybase's Enterprise Portal Express Edition."
Mobile service subscribers can make payment to their service provider or distributor via their cellphones with e-Card. This lets subscribers pay their GSM service providers and allows them to buy pay-as-you-go vouchers via their phones.
Online payment delivers optimum customer satisfaction and reduces the time required to complete the business process. This translates directly into lower cost and higher customer retention for service providers and their merchants.
Olabiyi adds: "e-Card holders benefit from the convenience of card payment instead of physical cash payment to purchase vouchers, knowing they can still access funds via the normal banking means. They no longer have to physically go and buy vouchers.
"In addition, features can be enabled that help subscribers get best value for money. These include suggesting to the subscriber which merchant has the lowest priced air time vouchers. It brings the business closer to subscribers which is a competitive advantage in today's customer-centric economy."
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