By Jonah Nwokpoku
Online marketplace, Konga.com has introduced the bank verification number, BVN, as part of its authentication process for online payment in its recently introduced electronic payment platform, KongaPay. In order to make online transactions more secure, KongaPay uses a one-time password, OTP extract from user’s Bank Verification Number (BVN) to authenticate transactions.
This makes KongaPay the first non-bank electronic payment solution to link BVN to its process through its partnership with the Nigeria Interbank Settlement System, NIBSS. Speaking to reporters in Lagos recently, Konga.com Vice President, Payment and Digital Goods, JR Kanu, said after KongaPay’s successful launch and integration with Access Bank, Diamond Bank, Ecobank, FCMB, First Bank, GTB, Heritage Bank, UBA and Zenith Bank, most Nigerian banks now offer access to KongaPay, thus boosting Nigerians’ confidence in electronic payment and e-commerce.
According to him, through a partnership with Nigerian banks, KongaPay has changed the face of online shopping in Nigeria by removing the uncertainties that customers associate with prepayment for goods and services they have yet to receive. The online payment platform allows customers to pay for their orders without using a debit card or accessing the internet, reducing their reliance on cash on delivery and restoring trust between users.
He further explained that unlike other online payment platforms, KongaPay eliminates the need for customers to enter sensitive personal information such as credit or debit card details or bank passwords on Internet. In addition, any customer with a bank account and a registered mobile phone can use KongaPay without necessarily registering for online banking.
In a demo session, Vice President, Marketing, Konga .com, Gabriel Gab-Umoden, said that upon opening an account on KongaPay, the user gets an instant loyalty reward of N500 . Gab-Umoden said that KongaPay is not only more secure, but also easier to use than other e-commerce payment methods, as registration and subsequent use can be completed in just a few steps.
Explaining the process, he said: âWhat the buyer is required to do to register with KongaPay is select their bank, enter their name, account number and date of birth, then complete the registration using the code sent via SMS to the person’s registered mobile number. This code will be used to authorize their transactions each time the user makes purchases on Konga.com.