CoralPay introduces new payment platform

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CoralPay, a payment processing company, has introduced the first interoperable USSD and mobile payment platform to Nigerians desirous of seamless and secure payment solution.

The solution, C’Gate, fulfils the mantra of being Africa’s Gold Standard for payments and allows for enhanced interoperability amongst stakeholders in the payment ecosystem.

The Chief Executive of CoralPay, Chioma Nkechika, said in Lagos on Thursday that the new solution allowed 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 POS terminals and ATMs with receipts printed on eCommerce sites with emails sent to registered addresses.

Nkechika said the new solution was already being adopted and deployed by leading Nigerian banks and Mobile Money Operators (MMOs) seamlessly.

“It 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.

“It also offer customers more flexibilities and payment options than anything currently available in the Nigerian market,”

“Zenith Bank has led the adoption of the C’Gate 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.”

Nkechika said the POS transactions had grown significantly with total transaction count up year-on-year from 63.7million to 146.3million transactions with corresponding value rising from N758.9 billion to N1.4 trillion as at December 2016 and December 2017, respectively.

“This excludes web payments, ATM operations and mobile money transfers, all of which are now seamlessly integrated with the C’Gate Platform.”

The CoralPay Technology had earlier in the year 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 further expanded 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.

Speaking on the agreement, Nkechika assured Nigerians of the company’s ability and capacity to deliver on the African franchise, leveraging on their business network and partnerships.