First City Monument Bank has introduced a Quick Response code which is contactless, cardless, and cashless to boost instant payments for goods and services.
The Managing Director, FCMB, Mrs Yemisi Edun stated that the development was to ensure a hassle-free shopping experience and transaction for customers and merchants.
Additionally, it said the new code is accessible via FCMB Mobile App. It ensures instant value for Peer-to-Peer (P2P) and Peer-to-Business (P2B) payments for goods and services.
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This process, according to the bank, was done by simply scanning a unique QR code displayed by the merchant or PoS device.
For easier access, the bank explained each code would have unique details containing the information relating to the transaction and would link with the shopper’s Mobile App already enabled on their smartphone.
Edun affirmed that it was the bank’s commitment to deploying innovative solutions that move individuals, businesses, and the economy forward.
She said:
“We are excited to add the QR code payment solution to our growing list of cashless payment methods to meet the ever-growing consumer demand for on-the-go purchases and quick, easy ways to make payments.
“It aligns with our vision to be a key partner supporting all segments of society through innovative and convenient financial solutions that enhance customer experience while promoting a truly cashless and contactless society.”
