Nigeria, as the first African country to officially launch a digital currency, boasts the largest economy not only in the Sub-Saharan Africa (SSA) region but across the entire continent. According to the “Nigeria Payments Report 2024”, the total transaction value of online transfers in Nigeria grew by 43.78% year-on-year from 2021 to 2022, rising from ?10.32 trillion to ?14.06 trillion in the same period. This remarkable growth has positioned Nigeria as a leader in the development of online payments in Africa.
In the following section, we will introduce the main online payment methods commonly used in Nigerian chess and card games.
1. Bank Transfer (Account to Account)
Canton bank cards are widely used in Nigeria, with mainstream brands including Visa, MasterCard, Verve, among others. The most common online payment method is bank transfer (Account-to-Account). For example, Verve, which is accepted in 190 countries and regions worldwide through the Discover network, allows users to quickly complete transfers via its associated banks.
In the purchase interface of a board game, the platform typically provides its bank account number, allowing players to choose their bank and transfer funds directly to the game platform's account, making it a seamless and straightforward process for users.
2. Mobile Payments
Mobile payment service providers in Nigeria include popular platforms such as Paystack, Flutterwave, PayPal, KongaPay, and more. For example, with Flutterwave, users can easily input their card details and make payments on websites or mobile apps that support the service.
In addition to these, several mobile payment apps available in Nigeria offer online payment processing services, including bank transfers, USSD code payments, Visa QR payments, and other methods. Notably, the QR code payment system launched by the Nigerian Interbank Settlement System Limited (NIBSS), known as NQR, is also gaining popularity as a convenient and secure payment option.
3. Electronic Wallets
An e-wallet is an online account that stores funds and allows users to make online transactions easily. In Nigeria, popular e-wallets include OPay, Paga, etc., However, the usage rate of e-wallets remains relatively low compared to other payment methods like bank transfers and mobile payment services.
4. USSD Payment
This payment method allows users to make financial transactions without needing a smartphone or a stable internet connection, a basic feature phone is sufficient. Therefore, it is particularly popular in developing countries. The process works as follows: the user selects the USSD payment option and then chooses the relevant bank. After confirmation, the user receives a string of numbers. They then dial this string on their mobile phone and input the required information and password to complete the transaction. This system enables users to conduct a variety of financial transactions easily, even without access to a smartphone or the internet.
Conclusion
Overall, third-party payments platforms like Paystack and Flutterwave offer online payment services. And Bank Transfer, USSD, etc., are the payment methods on these platforms. Users can choose the payment method that suits them in different scenarios according to their needs and preferences.
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