NetPlus is set to launch its e-payment platform, NetPlusPay. According to an emailed release sent to TechCabal, the platform enables online payments via bank accounts integrated with the platform.
If it works as advertised, online purchases should become easier for bank customers who transact online but don’t have debit cards. NetPlusPay makes it possible for users to make payments for online goods and services without having to move back and forth between the merchant’s site and the bank’s online payment portal.
The service integrates the bank’s online banking portal into the merchants payment point. In theory, this should make transactions quicker and simpler.
According to Wole Faroun, NeTPlus CEO, “as online transactions and e-commerce grow in Nigeria, NeTPlus’ objective is to provide tools that will make the process easier for consumers. NetPlusPAY is a tool that will do that.”
The startup stated that it has established partnerships with some Nigerian banks and is set to integrate other banking platforms. The settlement platform for these transactions is First City Monument Bank (FCMB).
It is not clear if NetPlusPay has been deployed yet. Also, for bank-powered payments service to work, it would require support by online merchants to close the loop. The emailed release makes no mention of if and which online merchants and ecommerce platforms have been signed up. We have asked the startup these questions and will update this story accordingly.
Update: NetPlus has informed TechCabal that their online payment platform, NetPlusPay, is in it’s pilot phase and merchant integration is currently on.
Bankole Oluwafemi contributed to this report.