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By Chinelo Obogo
Wema Bank has launched a new platform that offers a secure end-to-end shopping experience for customers and instant settlement for merchants.
At the event which took place in Lagos recently, the platform, ‘Alatpay’, a fully integrated payment system for business owners to display their products and services was unveiled. Entrepreneurs were told they could accept payments across diverse channels and get settled in local or foreign currency as applicable, all via a unique link on their ‘AlatPay online store.
The bank said the platform eliminates the need for a third party and simplifies the payment process for both merchants and their customers while maintaining transaction security for both parties.
It allows for unlimited transactions with no hidden charges and provides dedicated support for users. It also allows merchants to pull volumes of sales and get credited for each purchase without having to interact directly with customers.
Once the link is shared with others, every prospect or customer that clicks the link is taken to the business’ storefront where they can shop, add their desired items to their cart, proceed to checkout, include shipping information if needed or opt to pick up, and make payment seamlessly using their preferred payment method, be it card, banking information, bank transfer, QR code, or phone number.
The bank’s Executive Director, Lagos Directorate, Oluwole Ajimisinmi, said: “The bulk of the economy comprises small businesses, so creating and providing solutions that will empower them to thrive, maintain optimal productivity and actively contribute to the economy, is the goal for us.
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“Alatpay is the future and we are proud to do yet another major one in the financial services industry, positioning Nigerian businesses to seamlessly acquire transactions worldwide. With this, customers are not just getting access to the payment gateway, they are getting a full SME toolkit, trainings, exposure, loan and trading facilities, all in one. This is our way of further empowering Nigerian businesses for success.”
Highlighting more features, the bank’s divisional head of payment business, Damola Bolodeoku, said, “A major value-added service that Wema Bank offers is the ability to collect payments in foreign currency.
“If a customer from the United States has picked items from a business’ storefront and paid with their USD card, Alatpay allows the business to receive the payment directly in their USD account in dollars. This is arguably a ‘first of its kind’ offering as most payment gateways only provide settlements in Naira.
“Once your business is on Alatpay, you’re able to start selling seamlessly, securely and internationally. The integration process is seamless and to maintain maximum security for both merchants and customers, we have fortified the platform with anti-fraud and money laundering tools to ensure that no bad players can access the platform.
“There is untapped potential in breaking boundaries for businesses and we are happy to pioneer this solution. ALATPay is not just a payment gateway, it is a comprehensive solution to promoting the growth and success of businesses in Nigeria and beyond.”
Ndidiamaka Ruth, who is a software developer and was present at the launch said, “From the developer’s perspective and as someone who has consumed a lot of APIs, Alatpay is very smooth and simple.
“The data structure is seamless, the time frame between when you process the payment and when you get a response to your call-back URL is literally milliseconds. I have tested it with other payment gateways.”
