FinTech: Hydro Pay to Solve High Cost of Payments in NigeriaKehinde LAWAL
The clamour for cashless policy in Nigeria has increased the use of e-payment platforms, this policy has led banks to introduce a number of policies with the aim of decongesting banking halls and ensuring utilization of e-payment platforms.
With the growing population of the country, many Nigerians prefer patronizing mobile money agents in street corners than wasting time getting stuck at ATM locations and still be disappointed with network or cash dispense errors.
Although using the services of payment merchants in street corners does not come cheap, these services come with multiple charges, as customers get charged for transferring or using their debit cards on merchant Point of sale (PoS) machines by the bank and still get charged for withdrawal by the payment merchant.
However, introducing Hydro Pay into an environment such as Nigeria will not only ease the payment system or ensure that the unbanked population is catered for, but it will also reduce the cost of payments.
The widespread and adoption of Hydro Pay in Nigeria will help users remove bank charges on bank transfers when transferring funds, also using the app will remove the charges incurred while using the service of payment merchants across the country.
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