mCash: New Innovative E-Mobile Payment Solutions For Small Scale Business Owners And Buyers
The Nigeria Interbank Settlement System (NIBSS) in partnership with all Nigerian financial institutions and the 4 major GSM network operators in the country have gone ahead to launch a micro cash (mCash) mobile system of payment that will enable mostly online small scale business owners to accept hassle free payment from their customers.
Unlike POS machines, with mCash, buyers do not need an ATM card to make payment but only need their phones, which could be any type of phone for payment that will be effected through their bank accounts.
With mCash, transactions can only be made to the tune of N50,000 and that is why it is mostly suitable for small scale business owners.
Now, all a seller needs to activate mCash payment system on their platform is to head into any of the financial institutions (banks) and register for a free mCash account and on the process, they will be issued with an 8 digit mCash code, which they will now have to display on their selling platform to enable buyers use the code to effect payment for items purchased from them.
On the part of the buyers, they can effect a hassle free payment to the sellers that have displayed their mCash code by following the few steps below;
1. Dial *402*SellersCode*Amount#
2. Select your bank
3. Select your bank account number
4. Register a PIN and then enter the PIN
5. Finally, you will get a payment confirmation message
Must Read: How to activate your ATM card for Quickteller online transactions
Why Should I use mCash?
• mCash is free to integrate
• Transactions are instant; buyers are debited instantly and sellers are credited instantly
• Transactions fees are as little as N20 for buyers and N50 sellers on items above N10,000
• You don’t need an internet ready phone as any phone can be used
• mCash is secured and hassle free
• You don’t need a Debit/Credit card for the quick transactions
• Failed transactions are resolved within 6 hours same day
mCash is still new and with time it is expected that merchants and buyers will embrace this new innovations for their micro business transactions.
Unlike POS machines, with mCash, buyers do not need an ATM card to make payment but only need their phones, which could be any type of phone for payment that will be effected through their bank accounts.
With mCash, transactions can only be made to the tune of N50,000 and that is why it is mostly suitable for small scale business owners.
Now, all a seller needs to activate mCash payment system on their platform is to head into any of the financial institutions (banks) and register for a free mCash account and on the process, they will be issued with an 8 digit mCash code, which they will now have to display on their selling platform to enable buyers use the code to effect payment for items purchased from them.
On the part of the buyers, they can effect a hassle free payment to the sellers that have displayed their mCash code by following the few steps below;
1. Dial *402*SellersCode*Amount#
2. Select your bank
3. Select your bank account number
4. Register a PIN and then enter the PIN
5. Finally, you will get a payment confirmation message
Must Read: How to activate your ATM card for Quickteller online transactions
Why Should I use mCash?
• mCash is free to integrate
• Transactions are instant; buyers are debited instantly and sellers are credited instantly
• Transactions fees are as little as N20 for buyers and N50 sellers on items above N10,000
• You don’t need an internet ready phone as any phone can be used
• mCash is secured and hassle free
• You don’t need a Debit/Credit card for the quick transactions
• Failed transactions are resolved within 6 hours same day
mCash is still new and with time it is expected that merchants and buyers will embrace this new innovations for their micro business transactions.
mCash: New Innovative E-Mobile Payment Solutions For Small Scale Business Owners And Buyers
Reviewed by Edwin Akwudolu
on
11:06:00 AM
Rating:
Reviewed by Edwin Akwudolu
on
11:06:00 AM
Rating:
Wow so I can use to transfer money from my access bank to any bank just for #20 charges?
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