PayConfidence

PayConfidence to bridge trust gaps between buyers, sellers in e-commerce

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Founder/CEO of the newly launched payment solution, PayConfidence, Austin Onwughai, has assured of the app’s ability to bridge trust gaps between buyers and sellers, especially in the online market space.

Onwughai stated this at a media parley held in Lagos to formally introduce the app.

According to him, PayConfidence was developed to provide payment intermediary service between sellers and buyers, by acting as a mediator between them through a seamless process to increase the trust level for easy transactions.

He explained that in an online transaction, buyers can pay through the app, the money remains with PayConfidence while the seller delivers the goods and awaits the buyer to confirm payment.

According to him, every buyer would have the opportunity to verify the goods before payment is made to the merchant

His said, “With the application, we have come to solve the problem of trust in our online marketing space. PayConfidence is an app that allows you to open up to do business regardless of location.

“It is an app that is not platform-dependent. You don’t have to be on Jumia, Konga or any other platforms to use PayConfidence. Anybody that buys or sells can make use of the app at any time. It has the potential to increase people’s participation in online transactions.”

Onwughai further explained that the app would reduce cash on delivery fraud for sellers, adding that cash would be remitted to the seller after three hours of transaction, allowing the buyer the room to verify the product and make complaints if any.

He said, “Unfortunately, a major drawback in online/social commerce in Nigeria is the trust gap between buyers and sellers.

“Majority of online sellers fail to consummate their deals at the point of payments for fear of cash-on-delivery fraud while buyers complain that what I ordered is not what I got, yet payment has been made.

“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.”

He added that the solution is accessible via mobile, web and USSD codes, adding that the app is available for download on Google Play Store and would be made available on Apple store in a few days’ time.

At a time the Central Bank of Nigeria is aggressively pursuing its cashless policy, such a payment solution, according to the CEO, is what Nigerians need to shop online as it is well customised with the local currency.

Explaining how the new application works, the Chief Technology Officer, Sulaiman Sulaiman Tunde, stated that PayC would 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.

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Transaction on PayConfidence 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.

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 fulfil this potential and empower more citizens by bridging the trust gap.

With a mission to daily facilitate end-to-end seamless transaction between parties with absolute confidence, the firm envisions to be a global leader in the fintech solution space.


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