Access Bank Launches ‘PaywithCapture’

Access Bank Plc has introduced a new multi-banking payment solution known as PaywithCapture.

PayWithCapture, is a mobile payment solution that permits customers to make payments by scanning a merchant’s pre-generated QR-Code using the camera of their mobile device or via a one-step Beacon-NFC System. It can be linked with different payment cards (any bank’s MasterCard/VISA, Bank Account, Mobile Wallet) and affords customers the opportunity of selecting which payment instrument he/she chooses to use. According to the bank, with PayWithCapture, a user can add as many cards or payment instruments (bank accounts and mobile money wallets) as desired.

Commenting on this innovation by Access Bank, Group Managing Director, Mr Herbert Wigwe said: “Forging growth in mobile payment solutions requires inclusiveness. For the potential of mobile payment technologies to truly explode, it is important that we begin to see it as more than a bank initiative but more of a consumer initiative and that is where inclusiveness comes in. We are committed to providing solutions that meet people in their niche and we have been working closely with technology partners to achieve this. Nigeria is an exceptional country with unique consumer needs.”

He added that, Access Bank introduced PayWithCapture because it is a solution that allows for a combination of payment solutions to accelerate financial inclusion in Nigeria. This, he emphasised, allows the Bank to meet every consumer in their niche. “Banking is morphing into something at the intersection of retail and mobile, and inclusiveness is the way to go. To actually achieve innovation in mobile payment, we need a payment solution that recognizes all our financial payment instruments, allows us perform transactions without physical encumbrances and takes cognisance of our unique local challenges like nascent internet infrastructure,” Wigwe noted.

The bank also stated that the journey of inclusiveness was based on the belief that the biggest players in the mobile space have remains those who opened up their platforms to other players. The mobile payment solution also has an in-built loyalty points and coupon rewards. Merchants can also use the PayWithCapture Coupon System to reward their customers without the need to invest in complex reward systems. Speaking at a ceremony in Lagos yesterday, to officially unveil the e-banking platform, the Head of Product Management and Innovation, Access Bank, Gbenga Agboola, said PayWithCapture comprehends inclusion and fidelity.

“We realised that the average Nigerian is multi-banked and this brings unique case scenarios; like cash being spread around different accounts/cards and the inconvenience of lugging around so many cards. PayWithCapture solves that problem. According to him, Access Bank had entered into a partnership with merchants in all market categories to offer unique discounts for users of the PayWithCapture application.

“With PayWithCapture, you can pay with any bank’s card. You register all your Cards on your PayWithCapture profile and they will be selectively or collectively debited based on your preference. Also, this application works offline, this way, transaction details are sent in little packets of data where the customer’s payment details have been encrypted. This reduces, or rather, totally obliterates issues of network downtime and unavailability to process payments,” he explained.