- The Generated code: A 10-digit number.
- Beneficiary Name: Beneficiary of a paycode.
- Status: The status of the paycode could be Pending, Success, Expired, or Cancelled.
- Created Date: This is the date that the paycode was created.
- Expiry Date: This is a date in the future when the paycode will expire.
- Reference: Unique reference per merchant for each paycode.
How It Works
- Merchant generates paycode on the Monnify platform.
- Merchant shares paycode with their customer.
- Customer visits Moniepoint business owners.
- Customer provides paycode.
- Moniepoint verifies the paycode by calling the Monnify validation endpoint.
- Monnify debits merchants and returns responses to Moniepoint.
- Moniepoint business owners gives cash to the customer.
- Monnify debits the merchant’s wallet and sends it to our payment processor
- Payment processor credits customer’s bank account
Paycodes can be generated on the Monnify Web platform through the use of the Paycode generation APIs. Below is a list of endpoints required for paycode management.
- Create Paycode: This endpoint helps generate a paycode for a transaction, check Create Paycode API for more information.
- Cancel Paycode: This endpoint helps to cancel a paycode after it has been created, check Cancel Paycode API for more information.
- Get Paycode: This endpoint is called to get details of a paycode that has been created. The paycode returned is always masked as a layer of security. check Get Paycode API for more information.
- Get Clear Paycode: This endpoint provides a clear view of the paycode once authorization is provided, check Get Clear Paycode API for more information.
- Fetch Paycodes: This endpoint provides all paycodes that have been created within a specific period, check Fetch Paycode API for more information.
For offline disbursements done using paycodes, a flat fee of N 100 will be charged.