In readiness for the emerging cashless economy, ValuCard Nigeria Limited, a payment card Industry service provider owned by a consortium of 18 Nigerian banks has transformed from a domestic card scheme to a card-neutral and payment option service provider.
Under the transformation which changes the company’s name to Unified Payment Services Limited, the firm licensed by Central Bank of Nigeria (CBN) to operate as a payment terminal service provider will provide support for all forms of electronic payments.
“Today and in the very recent past electronic payment is no longer defined by plastics or payment cards but now encompasses different options such as mobile money, mobile banking”.
The purpose of the transformation, according to the firm is to make cashless system, which Nigeria is moving into, seamless for operators and consumers as United Payments Services will now engage in acceptance, processing, switching, payment terminal services and bill payments.
Speaking at the unveiling of the new name, the managing director of Unified Payments, Agada Apochi explained that electronic payment was defined by the ability of account holders to withdraw cash at ATMs rather than the use of cards and other electronic options as means of payment for goods and services. According to him,” the use of plastics to withdraw cash at ATMs is not electronic payment, but retailing cash outside bank branches”.
It was against this background, Apochi said that United Payments decided a few years back to decommission its card product while at the same time advocated and invested significantly in the building of infrastructure for the acceptance of different of payment options including foreign cards.
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