Paystack is not here to play with anyone. They are here for business and they mean it. Yesterday, they announced on their blog that they had introduced ‘Pay with Bank’, a new payment option which will allow customers of Paystack merchants pay directly from their bank accounts.
Guess now you’re wondering how it works. Well, all the customer has to do is enter their bank account number, get an OTP (one time pin) from the bank and then hit pay. Voila! That’s all you need to do. It’s pretty simple. There’s no need to search for you card or delay a purchase once your card is not nearby.
However, I tried the demo and 40 minutes later, I was still yet to receive my OTP. Oh well, if it comes, I’ll update this post.
This option is good news for Paystack merchants and even customers that do not have ATM cards for various reasons. It will let them pay for very important items and even bills where that option is available.
For those who are struggling with financial discipline and have deliberately gotten rid of their cards, I’m not too sure they’ll be happy with this option if their merchant implements this.
The charges on payments made via this option is capped at
N2000, with 1.5% of payment amount charged on payments below N2500 and 1.5% + 100 on payments above N2500
Right now, this is only available to Zenith, Diamond, GTB (via internet banking), Fidelity, FCMB and WEMA banks.
If you want to find out more about this, you should check out Paystack’s blogpost.