Experts Want Paystack to Use Blockchain in Keeping Transaction Records Following the Launch of Paystack’s “Transaction Lookup.”
Paystack is one of the top payment processors in Nigeria with over 10 million unique transactions each month for over 60,000 businesses including Branch, Palmcredit, and MTN.
There have been errors and delays in sending the correct biller for some payments processed through Paystack. Most debit alerts messages include the name of the merchant, but for various technical reasons, most of them sometimes read “Paystack Payments Ltd.”
Moreso, there are issues of delay in receiving debit alerts, mostly from the banks which can even take days for the debit alert notification to be received.
While Paystack had built a “Transaction Lookup” feature to allow customers request for their payment details, some experts suggest that Paystack employ the unique function of blockchain technology to help them mitigate the issue.
Experts suggests that they can use blockchain technology in making this transaction details available to their customers instantly once the transaction executes, saving time and at the same time rendering an efficient service.
How Blockchain Works Will Help Solve the Issue:
With blockchain technology, when a buyer makes payment using Paystack’s gateway, they will get the transaction details immediately with a link to the blockchain explorer where the buyer can see the transaction details for the executed transaction.
Moreso, Paystack can equally utilize the Ethereum Name Service (ENS) type of service built with smart contract on top Ethereum Blockchain.
With this feature, each business or client using Paystack’s payment gateway service will be assigned a unique name on the blockchain allowing easy indentification of billers for buyers on the blockchain explorer.
“Using blockchain will safe time and resources, because each buyer will get a link of his transaction id which can use to track and keep up with the status of the transaction once it executes without having to be confused.”
With blockchain technology, it will also be easier for Paystack to allow customers know when their bank has received funds through the blockchain explorer via awaiting confirmation. This will help the customer to know who to refer to concerning delays in transactions and debit alert notification.
Just as in Ethereum Blockchain network where a sender, sends out funds to the receiver, he will get a transaction id for the transaction. He can then use this transaction id to keep track of the status of the transaction immediately on the blockchain network. This will help him know when it has executed.
The transaction id will help him know when the network (Paystack) has received the funds from the sender (buyer’s bank) and send it to the receiver, (merchant) using ethereum blockchain explorer (paystack explorer).
The transaction details include the wallet address (the buyer’s bank with details) that sent out the funds and that of the receiver (merchant) alongside the time and date of the transaction.
Blockchain technology can help in solving a lot of delays and errors in keeping transaction records in Nigeria financial institutions. Healthcare industries can also utilize this technology in keeping exact track report of records etc.
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