PayedIn Technology, a FinTech startup, has launched what it calls a simple-to-use payment solution in Nigeria to support the digital economy, the company recently announced.
With the added feature, merchants can register to receive their payment within minutes. This solution promises to accelerate the country toward a cashless culture, the company said.
“PayedIn is secure by design with state-of-the-art security features including email and phone number verification, two-factor authentication and biometric security to keep transactions secure,” said Co-founder and Chief Technology Officer Aditya Padhi in a statement.
As part of its strategy, PayedIn has partnered with McHenrich Technologies, the Nigerian information and communications technology company, The Guardian reported.
Henry Igbo, managing director at McHenrich Technologies, said he’s confident that the synergy between McHenrich’s technology distribution expertise and network combined with PayedIn’s technology will result in the transformation of the merchants’ financial transaction ecosystem for good.
PayedIn said in keeping with the digitalization of Nigeria’s economy, businesses and entrepreneurs are expected to have a secure and simple ePayment solution. But the ones out there are complex and typically require complicated hardware or complex systems integration.
“We have developed a payment platform that is easy-to-use and secure without the need for hardware, intermediaries or systems integration,” said PayedIn Co-Founder and CEO Debo Shopade in a statement.
Nigeria is one of many African nations that is adopting digital banking tools.
Last week, a network went live with 12 banks in Africa to enable payment transactions and alleviate trade issues across the continent, which deals in more than 40 currencies, according to reports.
See also: Afreximbank’s Payment System Goes Live With 12 African Banks
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