Virtual Terminal Network (VTN) a new mobile payment system for Nigerian market is launched. Find below the press release of the launch:

At VTN, you are not tied down to one bank. VTN is a revolutionary payment engine for buyers and sellers of services in Nigeria
The virtual account can be loaded at any branch of a designated Bank in Nigeria. Once funded, you can begin to pay for services nationwide. It’s built for increased flexibility in accessing your money wherever you may be nationwide.

Account holders can pay for goods and services using their GSM Phone or online. The payment settles instantly!
When the time comes to withdraw some cash, you can do so using your GSM phone or online. Your bank account will be credited within 24hr, so it’s important to specify your bank account when updating your VTN profile

Do you have family and friends living outside Nigeria that may want to send some gift money, your VTN account is linked to them already!, so they can send that gift directly to your VTN account, then you decide what to do with it (coming soon!)

In addition, with the VTN Payment Gateway, you can pay for goods and services safely and securely while you’re on the go, with instant settlement of transactions using your GSM Phone or on the web. The Banks in Nigeria are the custodian of all cash transactions on VTN

Features of Virtual Terminal Network:

* Local money transfer, securely settle person-to-person transactions
* Pay a merchant or retailer securely and receive your goods/services immediately
* Pay your bills, subscriptions and utilities quickly and securely
* Recurring payments
* Receive refunds via direct deposit into your VTN account
* Keep your cash safe, no need to carry cash if you don’t want to
* No bank account needed
* When you withdraw, your fund is credited to the bank account you have specified on your account within 24hrs. If you don’t have a bank account, VTN will mail your cheque to the address on file within 24hrs
* Withdraw money using your phone, or go online
* Request a check using your phone or the web and have it mailed to your home
* Customer email notifications

http://virtualterminalnetwork.com/pre_launch/index.asp

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