ChequePay introduces online cheque payment solution

This solution enables customers to generate online cheques from their mobile device or from their computers and use it as a means of payment for goods and services. After filling in the necessary details, including the amount,the cheque is electronically sent to a merchant for the purchase and payment of goods and services.

The merchant will transfer same cheque electronically to the merchants’ bank and wait for confirmation from the bank to advise whether the account of the customer has enough funds for the transaction. As soon as the confirmation is received, the bank debits the customer and keeps the money in separate account until the merchant comes with the printout of the online cheque to claim the money.

The online cheque payment system is a software-based system that is developed locally by ChequePay, in collaboration with its foreign partner, SolidPass from Turkey. The partner handles the authentication part of it, which is the core of the online transaction.

The solution comes with three factor authentication including mobile phone identity, customer PIN and photo identification.

Four major process are needed to be part of the transaction. First the customer has to register with any of the banks that operate the solution, then the merchant that has the goods must also register with any of the banks.

Managing Director of Chequepay, Mr. Chiadi Emenike Obiamaka, declared that before the end of March 2014, the company will conclude test-run of the solution with banks and thereafter other banks will key into the system. According to him, since the introduction of cashless economy in 2012, the CBN had been trying to encourage Point of Sales (PoS) terminals transaction, mobile money transaction and financial inclusion in the country, but not much attention has been given to cheques, as a means of driving cashless economy.