I reckon it was a culture/tech thing. The same reason that QR codes are not the norm in lower-end restaurants and for products serving the masses — shitty internet (fuck MTN!), poor UI/UX (I've tried paying with QR codes twice — unsuccessful both times) and maybe a lack of user education (people don't always want to learn new clunky ways to pay that only a few merchants use).
I also suspect it's a matter of trust/habit. Nigerians feel some level of trust typing out account numbers and inputting PINs when making payments, and everything else feels scammy.
Plus, transfers and cards are blazing fast, why try something else that feels so stressful and unsafe?
Are transfers fast tho. Inputting account numbers can be a hassle sometimes.
But I think I get. The problem they solve aren't pressing enough for people to go through the stress.
But it would be nice if the option was available. I don't think any of our banking apps have the ability to scan a QR Code to get the account number of your recipient. At least, if the option was there, those who want to can use it.
Transfers are fast though. Average transfer time is 20-ish seconds and only getting faster. But speed is only a proxy for trust, but at a certain level of reliability, will people pay more to get a speed improvement of 4-6 seconds?
It will be a game changer if our fintechs can lead the charge to launch this feature. There will always be risks. However if we all kept thinking of risks, innovation will not exist.
I read though this entire writeup from start to finish even though I barely understood most of what was being talked about (blame mind fog).
But I read through to the end, I hardly do that these days so that means one thing. You're amazingly good at this writing thing and now I need to go check out more of your stuff.
Small correction.
Debit card: 3 minutes
Bank transfer: 5 minutes and 6 angry people on the queue
😂😂 I stand corrected
Why didn't QR Codes take off for bank transfers though?
This question needs some research to answer so I'll add another question: have QR codes even taken off beyond Asia?
Interesting counter question.
I reckon it was a culture/tech thing. The same reason that QR codes are not the norm in lower-end restaurants and for products serving the masses — shitty internet (fuck MTN!), poor UI/UX (I've tried paying with QR codes twice — unsuccessful both times) and maybe a lack of user education (people don't always want to learn new clunky ways to pay that only a few merchants use).
I also suspect it's a matter of trust/habit. Nigerians feel some level of trust typing out account numbers and inputting PINs when making payments, and everything else feels scammy.
Plus, transfers and cards are blazing fast, why try something else that feels so stressful and unsafe?
Are transfers fast tho. Inputting account numbers can be a hassle sometimes.
But I think I get. The problem they solve aren't pressing enough for people to go through the stress.
But it would be nice if the option was available. I don't think any of our banking apps have the ability to scan a QR Code to get the account number of your recipient. At least, if the option was there, those who want to can use it.
Transfers are fast though. Average transfer time is 20-ish seconds and only getting faster. But speed is only a proxy for trust, but at a certain level of reliability, will people pay more to get a speed improvement of 4-6 seconds?
Tap-to-pay takes 3 seconds here.
It will be a game changer if our fintechs can lead the charge to launch this feature. There will always be risks. However if we all kept thinking of risks, innovation will not exist.
Great write up as always, Muyiwa.
Three seconds is insane 😭😭😭😭
Thanks for the kind words!
I read though this entire writeup from start to finish even though I barely understood most of what was being talked about (blame mind fog).
But I read through to the end, I hardly do that these days so that means one thing. You're amazingly good at this writing thing and now I need to go check out more of your stuff.
Thanks.
Thank you so much, this is really kind. Thank you!
Paystack, Mono, Squad etc betting on transfers, leveraging the NIBSS Direct Debit.
Moniepoint with 2 bet slips; contactless payments + bank transfers.
It's quite an interesting future, let's have it.
Keen to see how it all plays out