Secure E-payment methods for online payment and transaction for Nigerians

The use of electronic payment methods in Nigeria is relatively scare due to the high level of illiteracy and lack of awareness to the internet coupled with the general ignorance to e-payment solutions.
Digital currency (digital money or electronic money or electronic currency) is a type of currency available only in digital form, not in physical (such as banknotes and coins). It exhibits properties similar to physical currencies, but allows for instantaneous transactions and borderless transfer-of-ownership. Examples include virtual currencies and cryptocurrencies or even central bank issued "digital base money". Like traditional money, these currencies may be used to buy physical goods and services, but may also be restricted to certain communities such as for use inside an on-line game or social network.
Digital currency is a money balance recorded electronically on a stored-value card or other device. Another form of electronic money is network money, allowing the transfer of value on computer networks, particularly the Internet. Electronic money is also a claim on a private bank or other financial institution such as bank deposits.
Digital money can either be centralized, where there is a central point of control over the money supply, or decentralized, where the control over the money supply can come from various sources.
Digital currencies can be classified as centralized and decentralized. Example of centralized currencies are PayPal, perfectmoney, eCash, WebMoney, Payoneer, cashU, and Hub Culture's Ven will sell their electronic currency directly to the end user. The major decentralized currencies are Bitcoin and etherum.
For many Small, Medium and Large Scale businesses, accepting payments online offers major benefits. Customers increasingly expect this facility and it can improve your cashflow significantly. To accept cards online in Nigeria and Globally, you will have to make special banking arrangements but with the help of digital payment using e-currency you are able to achieve speedy transaction just by signing-up to their services. We are going to look at the major centralized digital currencies available for transaction for transactions Nigeria.
INTERSWITCH InternetPay
Interswitchs Electronic Funds Transfer (EFT) switching application, supports major networks including Verve, Mastercard, and China Union Pay, besides other proprietary networks. The infrastructure is based on open-system architecture and uses relational database technology, offering clientsportability, and reliability as they expand.Our open-systems architecture reduces/eliminates the considerable expense, of paying for proprietary hardware, software, and PCIDSS compliance.
Interswitchs robust back office systems provide comprehensive settlement and reconciliation services along with free associated reports.
Interswitch currently offers 3 Internet Payment options.
- Paydirect – web with reporting,
- Paydirect – web without reporting
- Quickteller
- Paydirect – web (with reporting)
- Paydirect-web (with reporting) Integrates directly unto your website and Interswitch will provide elaborate reporting (dependent on integration specifications and reporting requirements), to enable you know who paid what, when, which bank it was paid into and what amount was paid online, real time from anywhere in the world.
- Paydirect – web (without reporting)
- Paydirect – Web (without reporting) – Integrates directly unto your website enabling funds to be received into your account, but no elaborate reporting is provided. Paydirect – Web (without reporting) offers cash deposit information and is often the product of choice for medium and small businesses.
- Quickteller (with generic reporting)
- Quickteller (with generic reporting) – is a payment platform that works like a payment shop or supermarket, where you can make online payments for various products and services.
- You may communicate that your services are available at quickteller.com and/or decide to place a link on your website that redirects to quickteller.com so your customers and clients can make payments using the platform.
- Quickteller is great for Internet savvy users who are already used to making payments online as itprovides them the option of enagaging with a host of value added services such as buying airline tickets, online recharge, payment for utility bills and a host of other services.
Interswitch Limited is an integrated payment and transaction processing company that provides technology integration, advisory services, transaction processing and payment infrastructure to government, banks and corporate organizations.
Interswitch, through its Super Switch provides online, real-time transaction switching that enable businesses and individuals have access to their funds across the 24 banks in Nigeria and across a variety of payment channels such as Automated Teller Machines (ATMS), Point of Sale (PoS) terminals, Mobile Phones, Kiosks, Web and Bank Branches.
WEBSITE: http://www.interswitchng.com
- Skrill-
Skrill (formerly Moneybookers) is an e-commerce business that allows payments and money transfers to be made through the Internet, with a focus on low-cost international money transfers. It is owned and operated by Skrill Limited, a UK-based company registered as a Money Service Business with Her Majesty's Revenue and Customs, regulated by the Financial Conduct Authority and licensed to operate within the European Union. Skrill has been making digital payments simple, secure and quick since 2001. They are an acknowledged world-leader in developing global payment solutions for people’s business and pleasure, whether they’re depositing funds on a gaming site, buying online or sending money to family and friends. They also meet the needs of businesses worldwide, helping them build a global customer base and drive growth. Skrill is a truly global company that can help you transact business with customers and companies worldwide thereby expanding your market and opportunities.
- Perfect Money
is a financial service which allows users to make instant payments and to make money transfers securely throughout the Internet. It opens unique opportunities to Internet users and owners of the Internet businesses.All users of PerfectMoney can easily convert their funds into other electronic currencies within the shortest terms and at reasonable rates. The established way of cooperation with banks allows Perfect Money to receive and to send wire transfers worldwide.
As you register in Perfect Money system, you are able to choose one of three different statuses. The following accounts' statuses are available: Normal, Premium and Partner. The Normal account is an account that is assigned to all new customers that register at the PerfectMoney website. The Normal account does not give you any limitations either.
The Premium account is given to users that keep their account active during one year. In order to upgrade your account from normal account to premium one, you will be required to send a request for this service to the customer service department. Premium accounts are privileged with benefits which include low 2% fee on transfers via bank as well as a priority treatment in all deposits and withdrawals of your account funds.
Partner accounts are only assigned on the discretion of the Perfect money administration. Partner accounts are given to individuals that wish to optimize their websites for business to business transactions. Typically, people that run their businesses via the Internet are prime individuals to obtain one of these partner accounts. Partner accounts are the most privileged type of accounts offering an increased level of trust to its holder and his/her business. Some of its unique features are 1.5% fee on withdrawals via bank wire, 1.5% fee for deposits from Pecunix account and 8% annual interest on the minimal account balance calculated monthly.
Fees for use of security instruments: Informing by SMS - 0.10%
Fees for use of security instruments: Account recovery - $100
Account recovery - $100
Withdrawal wire transfer fee is $100/€100 + 3%. You can withdraw your money and deposit it into any bank account.
For Customers whose business activity is connected with Internet Perfect Money system offers optimal package of business solutions including convenient functional tools of settlements specially developed by the PerfectMoney financiers while considering the needs of the state-of-art of IT business.
Functional tools of settlements:
- Convenient and detailed reports simplify your work in PerfectMoney account. Get notified about new financial operations, view charts and real-time statement.
- System of automatic recurrent payment set up. This tool is designed to organize monthly expenses of your enterprise; it allows payments to be performed in an automatic mode.
- Perfect API Merchant. Basing our opinion on the criteria of functionality, reliability and safety, we do not expect any analog of Perfect Money to appear in the next few years. The Perfect Money engineers have created such a tool which allows any business structure to organize any online process of product sales, services or access to content with the maximum ease and safety.
- Multilanguage system allows you to conduct business around the world. Perfect Money payment system confirms its international status – website is translated into 20 languages.
Numerous researches have proved that Perfect Money combines multi-level security process with the simplicity and convenience of the system’s use. The program toolbox of Perfect Money security system overpasses the development of all currently available modern technologies and tools for a payment system crack. As a result it brings the risks of Perfect Money users to the lowest mark. Moreover, every user of Perfect Money system has right to set security settings individually.
The democratic approach of Perfect Money payment system enables every Customer to decide independently which security settings user needs to use for his/her account. Every customer of PerfectMoney makes a compromise with him/herself and chooses own edge of convenience to use and protect the account from a non-authorized view or use.
Multi-level security system.
Every user has an opportunity to adjust security settings at the necessary level.
Identity Check
This tool is used for identification of PerfectMoney account Customer. This instrument is a kind of artificial eye for Perfect Money which may be cannot show the face of the Customer alive but provides the possibility to identify the computer used to enter the account.
In case if Customer authentication is performed from the net or subnet of IP addresses that are not related to the owner's account, PerfectMoney blocks the entrance to account and sends an additional safety code to the e-mail specified during account registration. Change of IP is made individually by means of Perfect Money Support Center.
SMS Authentication
This system is used for creation of logical connection between Customer account and his cell number to which PerfectMoney system sends confirmation code for identification of the real account owner. SMS Login system is the most perfect and reliable method of Customer protection from non-authorized account entrance as the time spent on the whole operation of code exchange and its entering into account is extremely short and insufficient for cracking operation.
CodeCard Protection
Customer gets a card with graphic picture of code sent to e-mail. For confirmation of transaction PerfectMoney system sends the Customer an inquiry on random order delivery of definite code from that card. CodeCard is a convenient and reliable protection measure for confirmation of transactions that has shown itself in the majority of prominent financial institutions of the world.
WEBSITE- https://www.perfectmoney.is
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