Quickteller targets N450bn electronic payment market

Quickteller said it’s targeting a larger chunk of not less than N450 billion from the N6 trillion electronic payment market worldwide.

The company also said it will use referral initiative to achieve its target so as to deepen

financial inclusion, stressing that top three referrers at the end of every quarter will get N3 million, for referring friends.

The Marketing Manager, Quickteller Interswitch, Mr. Adetayo Teluwo, at the maiden edition of the Quickteller   Referral Initiative and prize presentation ceremony said “ the company is looking at tapping into the N6trillion total market size in bill payment. “Again we are looking at the excess of N5trillion and N550billion opportunities waiting to be captured.

“These are gaps that we believe that for us to close, we need to grow our user base, we need word of mouth on our existing users, we need that sense of trust, and you need to tell people about the convenience you were able to enjoy using Quickteller.”

Teluwo disclosed that the overall market size for airtime recharge is about N900 billion, out of which N90 billion is attributed to electronic airtime/virtual airtime, saying, “what this means is that the market is too large for us to ignore. 90 percent of the market is currently built around conventional airtime sale, this is the essence of Quickteller, it is about convenience, seamlessness and why we want to grow, we understand the fact that this growth cannot come without bringing in members of the public and respective communities, and this is the essence of the Quickteller referral initiative.”

In particular, he said that fund transfer is a very big opportunity, “we are looking at overall market size whereby about 2 billion transfers happen but currently about 210 million of this transfers are via electronic. We are looking at about 1,790 billion transfers opportunities.

“Currently we have about 17 million users who make payment via the web channel, about 500 thousand of those users are within the immediate space, we have about 65million active bank account in Nigeria, there are about 29.2 million active cards. Currently there are about 497 thousand people using apps to buy airtime, transfer money and pay bills.

Also speaking, Product Manager, Quickteller, Mr. Toba Afe, said: “We have been running the program for some time now, but we came up with an idea to make it more attractive. There were challenges but today we have moved forward.”

However, the winners of the promotion which started January 2 to April 12 were able to refer over 1500 each for the grand prize. They expressed joy over the reward promising to continue to patronise the company.

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