Wema Bank Launches AlatPay to Digitize SME Operations And Lead Cardless Payment Revolution

Wema Bank, a leading Nigerian bank, has launched AlatPay, an instant digital payment solution aimed at helping small and medium businesses digitize their operations. The launch event took place at the esteemed Four Points by Sheraton in Lagos.

Tunde Mabawonku, Executive Director of Retail and Digital Business, stated that “the future of cards is cardless.” He explained that the payment landscape is shifting, and in the near future, traditional cards will be replaced by cardless tokens that customers can tap and go. Mabawonku emphasized that this is the future of payments, and Wema Bank is proud to be a key player in this transition through AlatPay, enabling merchants to carry out payments with ease.

“AlatPay is positioning Nigerian merchants and small businesses to acquire transactions all over the world. Over the last few years, we discovered that small businesses find it difficult to acquire transactions. They either tell people to transfer money or pay cash or some other way of getting payment. But with AlatPay now what you need is just follow the very simple steps and you can acquire transactions from anywhere in the world,” Mr Mabawonku said.

He said merchants do not have to expose their own personal financial details because they now have a payment engine that makes transactions easy. So the plan really is to empower businesses to do a lot more.

Efficient and secure payment channels are essential in a dynamic business environment. A report by Stripe noted that over 70 per cent of businesses face online payment challenges. These challenges lead to delays in completing business and missed opportunities. As financial transactions evolve globally, seamless payment solutions become paramount to business sustainability as they have the capacity to boost efficiency by up to 40 per cent.

To help small businesses meet up with these unique challenges of globally evolving marketplaces, Wema Bank is launching AlatPay, an offshoot of its digital app, Alat. The bank says this introduction demonstrates its commitment to innovation and empowering businesses for optimal efficiency.

source: Tech Next