Fintech Firm Bridges Trust Gap In Online Trading

Pay Confidence Limited, a Fintech company in Nigeria, has launched Pay Confidence (PAYC), an online payment transaction assurance solution that provides payment intermediary service between sellers and buyers.

This is just as Nigeria moves into the full implementation of cashless policy.

Based on a revenue of $6.9 billion in 2021, Nigeria is the 33rd largest market for e-commerce, with a yearly growth rate of 12 per cent between 2021 and 2025 expected. PAYC aims to help the industry to fulfill this potential and empower more citizens, by bridging the trust gap.

The founder and CEO, Pay Confidence Limited, Austin Onwughai, at the launching of PAYC Application in Lagos, said the Nigerian online and offline trading space is experiencing tremendous growth, but could collapse if the issue of trust is not addressed.

Onwughai disclosed that Nigerians spend the most time on social media, adding that platforms like Instagram, Facebook, TikTok and Twitter have become a major place where buyers and sellers meet. “However, we have seen people angry over what they ordered and what they got. We have also heard of stories of fake alert,” he explained.

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To boost the trust of Nigerians in online and offline trading space, the CEO said Pay Confidence has developed a solution called PAYC that stands as an intermediary between buyers and sellers. “The product aims to bridge the trust gap in online and non-face-to-face transactions by acting as a mediator between the buyers and the sellers through a seamless process that ensure that both parties are protected,” he added.

Explaining how the application works, Onwughai said PAYC is accessible via mobile, Web and USSD codes, adding that, “With PayC mobile app, buyers can now pay any merchant for goods and services, using the seller’s merchant code. PayC will then notify the seller of the payment to enable them to initiate delivery. Once the buyer receives the goods and confirms delivery, PayC credits the seller with the deposited fund. In a case where the buyer does not like the item, he can click dispute and within two to three hours, his fund will returned to his account.”

Transaction on PAYC is supported by Squad, a payment solution powered by GTCO that enables all types of businesses to make and receive payments from anywhere in the world, Onwughai said, while assuring that “We are aware the yahoo boys will look for loopholes, but we are prepared and we have put measures in place to block them.”