The leading Nigerian bank, Wema Bank, has introduced AlatPay, an instantaneous digital payment solution, to assist small and medium-sized enterprises in digitising their business processes. The elegant Four Points by Sheraton in Lagos hosted the launch.
Executive Director of Retail and Digital Business Tunde Mabawonku stated that “the future of cards is cardless” and that the payment industry is changing. He predicted that cards would become cardless tokens that consumers would need to tap to use in the coming years.
According to him, this is how payments will go in the future, and Wema Bank is excited to be a big part of it by enabling merchants to make simple payments with AlatPay.
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Mr Mabawonku said AlatPay is positioning Nigerian merchants and small businesses to acquire transactions worldwide. Over the last few years, they discovered that small businesses struggle to acquire transactions. They either tell people to transfer money or pay cash or some other way of getting payment. But with AlatPay now, you need to follow the straightforward steps, and you can acquire transactions from anywhere in the world.
Mr Mabawonku said merchants do not have to expose their financial details because they now have a payment engine that makes transactions easy. So, this strategy enhances businesses’ ability to do much more.
Enhancing Retail Payment Efficiency with AlatPay
AlatPay would serve 70% of retailers who have trouble making payments. In a dynamic corporate environment, payment systems that are both secure and efficient are crucial. More than 70% of firms report having trouble accepting online payments, according to Stripe research.
These challenges result in missed chances and delays in finishing business. With the potential to increase productivity by up to 40%, seamless payment solutions are becoming increasingly crucial to the long-term viability of businesses as financial transactions become more global.
To assist small businesses in meeting these unique challenges of globally evolving marketplaces, Wema Bank is launching AlatPay, an offshoot of its digital app, Alat. The bank says this introduction demonstrates its commitment to innovation and empowering businesses for optimal efficiency.
AlatPay is a secure digital payment service designed for businesses, offering a simple setup process, safe transactions, prompt payments, and customisable storefronts for online transactions.
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Elevating Your Business with AlatPay
Businesses must visit AlatPay and select Get Started to get started. After that, to receive a one-time password (OTP), they must supply their email address. The user must fill out their personal information and select a business category to create a merchant profile after validating their email. After that, an OTP will be texted to their phones to confirm the information.
Users choose payment channels and fill in their account details to pay. Bank approval takes 24 hours. Approved users access AlatPay APIs, create a storefront on the portal, and go live. Store URL is shared with customers and social media.
Speaking about what this means for Wema Bank, Tunde Mabawonku said the bank prides itself on being innovative.
Tunde added that, after 79 years in the business, one of the things they have done to stay competitive is to provide new and creative items. The Alat digital platform has become Nigeria’s top digital bank.
He said it helps one to compete effectively on a global scale. Clients can now access a platform that functions independently wherever in the globe. To improve payments and acquisitions, Alat and AlatPay offer platforms for making solutions.