Nigeria’s leading Online marketplace, Konga has collaborated with Leading Nigerian banks on a secured payment system which would allow customers make payments without making use of their debit cards. The new payment system would be called KongaPay.
The proprietary payment system would work with customers account with or without the bank accounts being Internet Banking enabled and bypass the need to add Debit cards information every time. Payment reversal would also be instant due to the one-on-one interaction Konga has with each Bank involved in the process.
Once KongaPay comes to play, users only have to connect their banks accounts; once that is done they can checkout without being redirected to the Bank’s online banking portal. Instead they would be asked to provide a one-time password which would confirm their purchase.
KongaPay is said to be modelled after AliPay, a payment system owned by Jack Ma’s Alibaba.com which is the largest ecommerce platform in China and moreover Alipay controls about 50% of the country’s online payment system.
The new payment system from Konga would be another milestone for e-commerce platforms and online payment in Nigeria. While there are several acclaimed e-commerce platforms in Nigeria only Jumia and Konga are better funded and better positioned to change the game; even of the two, the Jumia is more funded of the duo.
Konga is expected to launch the KongaPay by May 2015.
Source: Tech Cabal
