Olufemi Adeyemi
ProvidusBank together with Mastercard, Interswitch and Thales Group, on Monday, announced the introduction of a new Tap-to-Pay services in a move to further reduce cash transactions, stimulate innovation and drive the growth of digital payments in Nigeria.
The service allows cardholders to make fast, secure, and
convenient in-store payments by tapping their NFC enabled smart device at any
contactless-enabled payment terminal.
The solution works by enabling a connected device such as a
smartphone or wearable device to act as a safe and secure payment method in the
same way as a physical card.
Leveraging Mastercard’s Digital Enablement Service (MDES),
and Interswitch’s tokenization capability, ProvidusBank customers can enjoy a
new level of convenience, no longer needing a card or a physical wallet during
shopping trips.
For each transaction, Mastercard’s tokenization and
digitization technology replace primary account numbers (PANs) with tokens to
provide a faster, more secure, and seamless checkout experience while rendering
card numbers useless to fraudsters.
“Technology has evolved greatly in Sub-Saharan Africa in the
last decade with the mobile phone technology playing a significant role in that
space. As a Bank, our collaboration with Mastercard and Interswitch to provide
additional value through the mobile device is a strategy to leverage existing
infrastructure, while delivering simplified payment through their advanced
digital and tokenisation services,” said Walter Akpani, managing director/CEO,
ProvidusBank.
“The convergence of physical and digital commerce is not in
the future, it’s happening now. At Mastercard, we understand that consumers
want to make digital payments when, where and how they want, with the same
protection and security offered with a physical card,” said Ebehijie Momoh,
country manager and area business head, West Africa at Mastercard.
“As a pioneer of mobile commerce innovation, we are excited
to work with ProvidusBank to deliver a new payment experience that is both
seamless and secure, in turn speeding the adoption of digital payments in
Nigeria,” Momoh added.
Akeem Lawal, managing director, Interswitch Purepay also
commented on the collaboration: “with the increasing adoption of digital
payments, there has been the corresponding need for players in the payments
ecosystem to heighten the safety and security of payment platforms and
channels. This notion is the underpinning rationale behind Interswitch’s
collaboration with Providus Bank, Thales Group and Mastercard to deliver the
tokenization technology,” said Lawal.
0 comments:
Post a Comment