Shopping Cart Software Solution
Shopping Cart Software Solution
Ideally, e-payment solutions facilitate the electronic transfer of cash via online transactions for Business to Business (B2B), Business to Consumer (B2C) and most recently Person to Person (P2P) purposes. Taking a cursory look at the e-payment category in Nigeria, one would easily notice the emphasis on Card-based solutions with little penetration into web and mobile processes.
Notwithstanding, the card-based category has been dynamic over the years as one can imagine the huge cost incurred by banks in the 90’s where the economy was cash based with courier services facilitating the movement of cheques and cash to and fro the Clearing house and Central bank respectively.
The urgent need to seal up one side of this water filled basket arose and the first step was to develop an electronic platform first initiated by All States Trust Bank in 1996 with the introduction of ESCA card followed by other card services such as Paycard, Smartcard, Smartpay and Valucard.
In 2001, the executives at Telnet Nigeria facilitated the convergence of some banks to create a national switch; hence this led to the birth of Nigeria’s Central Platform “Interswitch.”
With ATM machines being deployed commercially and more banks subscribing to Interswitch services, other e-payment solutions began to evolve but what is most interesting is that none of these solutions till date can effectively capitalize on the noticeable weaknesses in the e-payment industry.
Successful businesses in a saturated market achieve success by adopting the strategy of the Chinese classic “Sun Tzu”: ‘Strike where the competition is weakest’. Interswitch is still trying to perfect its model in catering for mobile and web transactions and redeeming the large number of the unbanked which stands at 80% of Nigeria’s population, but based on this loop hole, we are yet to witness another player capitalizing on this weakness.
E-Tranzact are probably the closest to grabbing a section of the e-payment category but they need to subscribe to the No.1 rule for creating a strong brand; FOCUS. E-tranzact needs to focus on either the Mobile solution which ensures P2P transactions (the best solution to capturing the unbanked population) OR develop on web based transactions.
Web payment solutions are untapped and offer the highest degree of success in Nigeria based on the growing number of internet transactions done. An evidence to this is seen from our recent research which showed that the World’s Largest Online store; Amazon, has Nigeria as its largest customer in Africa. Also, all of Britain’s most respected clothing lines on Jermyn Street e.g TM Lewin, Hawes and Curtis etc exclusively opened up their payment portal for transactions originating from Nigeria based on huge demand surpassing combined orders from the rest of Europe.
The e-payment solution is largely untapped, though politics might have suffocated prospective players but organizations that have survived the politics might have set out on the wrong foot by chasing the current leader (Interswitch), instead of going in the opposite direction by developing other e-solutions. What would you highlight as key areas for new players in the industry to focus on, in order to develop the e-payment system?
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