August 20, 2017

E-commerce authentication solution reduces volume of cash, ensures security — CEO, NetPlusDotCom

Chief Executive Officer of NetPlusDotCom Mr. Wole Faroun

Nigerian e-commerce landscape has been growing strength to strength issues relating to cash and trust. To reduce the volume of cash and ensure trust, NetPlusDotCom has partnered with Mastercard to develop an e-Commerce authentication solution that seeks to address the root cause of challenge- Cash.

In this interview with Sun Tech News, the  Managing  Director and Chief Executive Officer of  NetPlusDotCom  Mr. Wole Faroun  who spoke on a number of issue in e-commerce market said that with  solution, cash and its resultant issues will be made a thing of the past  for e-retailers and consumers alike.

Chief Executive Officer of NetPlusDotCom
Mr. Wole Faroun


How  NetPlusDotCom has played in the market

We want to be a dominant player in merchant services and digital payment services in Nigeria and other markets. NetPlusDotCom is a diversified e-business and financial technology company with a varied and dedicated team whose mission is to provide value-added solutions to the emerging e-business market in Nigeria.

Our experienced management team has combined experience of over 50 years in business development, technology, marketing and sales. Our Product portfolio cuts across e-commerce and e-payment segments of the market, contain leading solutions that have significant adoption in the marketplace. WebMall serves over 5,000 Merchants, making it easy for them to go beyond boundaries and reach customers in all corners of the country. We collaborate with major banks in Nigeria to help with the development of payment systems that are secure and gives peace of mind to customers doing web and mobile point-of-sales

Between e-commerce authentication solution and existing solutions in the market

The solution reduces is an attempt to reduce the volume of cash transaction in eCommerce. With cash, comes several problems including security, cancellation and reconciliation amongst other. With this solution, we ensure that even though the customer uses their ATM/Debit cards for an eCommerce transactions, the actual debit only happens after the customer has received the goods and then trigger a release through the courier app. The online purchasing process to a few simple steps:

The buye) completes an online purchase and pre-authorisation is placed on the funds until the goods or service is delivered. The money is not taken out of their bank account, but is simply held until delivery is made.

The e-retailer will dispatch the goods with help of a delivery service, the delivery service will have access to the Mastercard e-commerce app on either their mobile or tablet. This allows them to complete the transaction on behalf of the e-retailer once the delivery has been completed. This ensures the funds flow directly to the e-retailer and that the delivery service does not handle cash unnecessarily.

On delivery,  the consumer is able to inspect their goods and confirm if they are satisfied. The transaction is then verified on the app by the delivery service representative, and as an extra security measure the consumer will enter the last four digits of their bank card to complete the transaction.

What to expect from NetPlusDotCom in the next year

Innovative products and solutions that help merchants to conduct electronic transactions hassle free. We expect to have launched a few of our products in other markets that will include other countries in Africa, the Middle East, Latin America and Eastern Europe. We anticipate a very busy couple of years creating value for our customers, shareholders and employees

Why NetPlusDotCom participated in the Mastercard Start Path initiative

In September 2016, in the normal course of business, we came across an application call for the Mastercard Global StartPath program, and we concluded that the program presented a great opportunity for us as an organization. We were excited about the possibility of collaborating with a leading global payment company, exposure to best-in-class technologies and mentorship by top professionals in our verticals

What to achieve from this initiative

Right now, we are realizing the benefit of the Mastercard StartPath program. We recently concluded the co-development of a payment solution set to launch in Nigeria. Although we have a global expansion plan, the solution is more specific for developing market. This has changed our short-term outlook and projections positively, as we plan to take our solution outside our core market. This may be the first time an African company is exporting a technology solution to other parts of the world and we are super excited about the opportunity.

Edited by Emeka Aginam