Online and offline trading in Nigeria is set to become safer and simplified with the launch of PayConfidence (PAYC), an online payment transaction assurance solution, accessible via mobile, Web and USSD codes.
PayC is developed to provide payment intermediary service between sellers and buyers. The product bridges the trust gap between buyers and sellers in face-to-face and online transactions by acting as a mediator between the buyers and the sellers through a seamless process that protects both parties.
From the PayC mobile app, website or USSD code, buyers can now pay any merchant for goods and services, using the seller merchant code. PayC will then notify the seller of the payment to enable them to initiate delivery. Once the buyer receives the goods and confirms delivery, PayC credits the seller with the deposited fund.
Speaking at a media parley in Lagos on Thursday, December 8, 2022, the Chief Executive Officer of PayConfidence Nigeria Limited, Mr Onwughai Austin, explained that the solution was borne out of the experiences of several Nigerians whose stories of scam and ‘what I ordered versus what I got’ abound online.
“What we have done is to create a new standard of trust for all transactions where money will exchange hands. Buyers will now have more confidence to engage any vendor of their choice, knowing that although they have paid, their money has not gone to a place of no return.
“Vendors now also know that they don’t have to chase customers away with their usual ‘pay me before I deliver’ demand as the customer already made 100% commitment for goods to be delivered. All they need to do is deliver as agreed and the waiting cash is remitted to their account immediately.
“Another special feature of PayConfidence is our conflict resolution channel, as we recognize that there will still be some disagreements between vendors and their customers. This service enables us to help both parties come to a mutually comfortable agreement with fairness and protection of both parties’ resources,” he said.
According to Statista, Nigerians spend the most time on social media. This has led to the rapid growth of social commerce – the process of selling products via social media, which places the likes of Instagram, WhatsApp, Facebook, and TikTok among the leading platforms for buyers and sellers to meet.
However, the problem both parties face is how to identify who to trust. For many goods advertised on different social media profiles, you would see familiar captions like “payment confirms shipping”, “no payment no shipping”, “payment on delivery not allowed” and many more.
Mr Onwughai noted that based on a revenue of US$6.9 billion in 2021, Nigeria has become the 33rd largest market for eCommerce globally, with a yearly growth rate of 12% expected between 2021 and 2025. He admitted this is indeed promising but if the industry would truly fulfill this potential and empower more Nigerian citizens, the problem of trust must be solved.
He said, “From our research we realized that many online vendors and physical shops owners are unable to do remote sales to unknown persons due to fraudulent practices like fake credit alert, fake currencies and many more. So, they have now resorted to either selling within their circles or only to customers who are able to pay upfront. The implication is that they lose many customers who do not trust them with the demand for payment before delivery.
“So, why keep losing valuable business because of the burden of trust? Why not present your business as one to trust by joining a platform that is soon to become the symbol of trust for every business owner in Nigeria? With your PayConfidence merchant code, you become the preferred vendor for known and unknown customers.
“We have also made signing up for a PayConfidence account totally free of charge, and we have offered Nigerians low commission and no extra charges on any transactions. PayC will soon be Nigeria’s number one badge of trustworthiness as far as business transactions are concerned.”