Wema Bank, known for its pioneering digital bank Alat, has recently launched AlatPay, a revolutionary instant digital payment solution tailored to empower businesses of all sizes in Nigeria. The announcement, made on July 17, 2024, at the Four Points by Sheraton in Lagos, marks a significant advancement in digital payments, enabling merchants and business owners to process transactions globally with ease.
AlatPay extends the capabilities of Alat, Wema Bank’s digital app, by offering a comprehensive payment solution that emphasizes secure transactions, instant payments, and customizable storefronts. This new solution allows businesses to select their preferred payment channels—either cards or bank transfers—and provides the flexibility to create and manage their storefronts directly through the AlatPay portal.
The Executive Director of Retail and Digital Business at Wema Bank, Tunde Mabawonku, highlighted the transformative potential of AlatPay, noting that “the future of cards is cardless.” He envisions a shift towards cardless payment tokens, with AlatPay positioning Nigerian merchants and small businesses to access global transactions seamlessly.
AlatPay addresses a significant pain point for small businesses that have traditionally struggled with acquiring transactions, often relying on cash or bank transfers. The solution not only simplifies payment processing but also eliminates the need for merchants to disclose personal financial details, enhancing privacy and security.
A recent Stripe report indicates that over 70% of businesses encounter online payment challenges, leading to delays and missed opportunities. AlatPay aims to resolve these issues by providing a streamlined and efficient payment platform, crucial for business sustainability in a rapidly evolving financial landscape.
With 79 years of industry experience, Wema Bank continues to lead through innovation, offering products like Alat and AlatPay to enhance payment solutions and business operations. Mabawonku concluded by emphasizing the bank’s commitment to advancing financial technology and improving the payment experience for businesses.
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