Zenith Bank boosts online trade with GlobalPay platform
Zenith Bank Ghana Limited has launched an online payment platform, the Zenith GlobalPay, to facilitate payment for goods and services online.
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The platform will serve as a collection gateway for merchants, who have goods and services for sale to customers, and a payment platform for individuals wishing to buy goods or transact other forms of businesses online.
As a result, merchants that sign onto the platform can sell their goods and services to customers online while they (the companies involved) agree to deliver the products to customers at specified places.
The acting Managing Directing of Zenith Bank, Mr Henry Oroh, said at the launch in Accra that signing on to the platform would be free of charge in line with efforts by the bank to promote electronic transactions.
As a bank that has been recognised locally and internationally for its commitment to e-transactions, Mr Oroh said Zenith Bank had pledged to continually introduce products that would meet the changing needs of society.
Complementing government
The MD explained that the bank’s products would complement government’s vision of moving the country towards a cash-lite society.
“Recognising the vast opportunity for local companies to expand their businesses online and supported by the digital-savvy bank, GlobalPay has been designed as a secure, web-0based collection gateway that enables merchants to accept real-time card payments from customers,” he said.
The platform will now serve as a link between the bank, merchants, card holders and networks such as MasterCrad and Visa.
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“This means that MasterCard and Visa card holders can conveniently shop from the comfort of their home on the websites of any merchant, who uses this technology powered by Zenith Bank,” the acting MD said.
Although the platform currently accepts mobile money, Mr Oroh said the bank was working on adding e-zwich, a local electronic card issued by the Ghana Interbank Payment and Settlement Systems (GhIPSS), to the range of cards recognised and accepted by the GlobalPay.
Ensuring consumer confidence
The Director of Payment Solutions at the Bank of Ghana, Dr Settor Amedeku, commended Zenith Bank for the innovation, explaining that it would go a long way to complement efforts by the central bank to reduce physical cash in circulation.
Give that physical cash in circulation fuels inflation, Dr Amedeku said online platforms that facilitate transactions without moving cash would help smoothen out such difficulties to ensure that monetary policy measures achieved their intended purposes.
He also charged the bank to ensure that goods paid for are delivered.
“I want to say that if this will be successful, it will depend on the confidence customers will have in it. Zenith Bank has assured us that they will maintain the integrity of the system and that is necessary to ensure consumer confidence,” he said.
He further assured Zenith Bank and other financial institutions in the country of BoG’s preparedness to support them develop online payment platforms.