First Bank Nigeria Plc. has gone into partnership with the Nigeria Inter-Bank Settlement System Plc. (NIBSS) on its Nigeria Quick Response (NQR) payment solution.

The Bank’s Chief Executive Officer, Dr Adesola Adeduntan, said in a statement issued on Wednesday in Lagos that NQR is an innovative payment option implemented for all financial service providers.

It is designed to promote quick and fast transactions by scanning codes on users’ mobile phone devices.

It reduces cost for merchants and banks in delivering instant value for Person-to-Business (P2B) and Person-to-Person (P2P) transactions by simply scanning to pay, he explained.

The initiative is accessible on the bank’s payment infrastructure as the NQR code can be used to make payments through FirstMobile App and available for merchants in facilitating their business activities.

He also explained that the touch points and use sites of the NQR payment solution included convenience stores, supermarkets, shopping malls, pharmacies, and ride-hailing/taxi payments.

It also includes payment for bus fares, tolling booths payments, vending machines, e-commerce sites, online businesses, amongst many others.

“We are delighted with the adoption of NQR payment solution, an initiative by NIBSS which has been instrumental to easing and promoting payment convenience with the use of mobile phones.

“We recognise the indelible role technology plays in promoting businesses across diverse frontiers and we remain committed to reinventing our technology infrastructure to meet global standards,’’ Adeduntan stated.