Trade has evolved over time from the history of barter, when goods and services were exchanged for its equivalent abstract value through the corresponding progression of value transfer systems, bank notes, payment orders, cheques, credit cards, finally culminating in the use of electronic payment systems.
As technology develops, the range of devices and processes to carry out transactions continues to increase while the percentage of cash and cheque transactions decreases. Mobile payment reduces the amount of currency outside the banking system for the advent of more effective monetary policy management.
To this end, PayCom Nigeria Limited, a subsidiary of Telnet was granted license by the Central Bank of Nigeria (CBN) in August 2011 to operate in the mobile payment sector.
PayCom's products are divided into two broad categories; classified as PayCom Consumer (PiDO) and business products (PayCollect and PayOut).