CoralPay Technology Limited, a payment switching and transaction processing company, has deployed the first interoperable Unstructured Supplementary Service Data (USSD) and mobile payment platform.The service will enable enhanced interoperability amongst stakeholders in the payment ecosystem.
According to the Chief Executive Officer of CoralPay, Chioma Nkechika, the service will allow customers using the USSD short codes of their respective banks alongside their Mobile Apps to pay for goods and services directly from their bank accounts and wallets.
The transactions are accepted on point-of-sale (POS) terminals, and Automated Teller Machine (ATMs), with receipts printed or on eCommerce sites with emails sent to registered addresses.
The service which is known as the C’Gate solution, is already being adopted and deployed by leading Nigerian banks and Mobile Money Operators (MMOs), seamlessly enables USSD to POS, USSD to Web, USSD Fast Transfer transactions, USSD on App, USSD to ATM, and CiCo (USSD Cash-In and USSD Cash-Out) on POS.
The C’Gate solution offers customers more flexibilities and payment options than anything currently available in the Nigerian market.
Zenith Bank has led the adoption of the solution as an addition to its e-payment offerings, with other banks like GTBank, UBA, Access Bank, FCMB, FirstBank, Fidelity Bank, Wema Bank, Keystone Bank, Sterling Bank, and Providus Bank, following its lead and implementing the initiative at various levels of integration and deployment.
CoralPay also announced its entry into the Nigerian payment industry with a solution, in partnership with Alipay International, to ease online transactions for the Chinese, other Asian consumers and African merchants starting with Nigeria.
The partnership will further expand Alipay’s footprint in Africa and opens the door for its more than 520 million active users in China, to make online payments via the CoralPay platform. Nkechika, who spoke on the partnership, assured Nigerians of the company’s ability and capacity to deliver on the African franchise, leveraging on their business network and partnerships.
Nkechika also noted that the C’Gate solution was designed and developed locally, leveraging on the global experience and expertise of the company’s engineers, drawing on the declared mission to build ‘Africa’s Gold Standard’ for payment, encouraging financial institutions and SMEs growth capacity through financial inclusion and innovation.
He noted that the C’Gate platform is the first of several breakthrough solutions the company has in its pipeline, adding that they are well-primed to bring more innovative services into the Nigerian market. Nkechika revealed that thanks to the initiative, customers are now liberated from their cards and can now transact on POS, Web and ATM-like transaction without their payment cards, while confirmation is received via printed receipt at the point of interaction or email.