This eliminates physical contact with a device at the point
of sale, thereby enabling consumers to make contactless payments quickly and
easily without the need to carry physical cash.
With the Tap on Phone, merchants can use their Android
smartphone or tablet to accept contactless payments without needing to invest
in a separate hardware Point-of-Sale (POS) device. Tap on Phone works by
enabling the device’s Near Field Communication (NFC) capabilities, allowing it
to communicate with a customer’s contactless payment card.
The customer taps their card on the merchant’s smartphone or
tablet, and the payment is processed through the Mastercard network. Under the
partnership, FCMB will serve as the acquirer Bank, while Netplus is the payment
service provider.
Mr Ebehijie Momoh, Country Manager & Area Business Head,
West Africa at Mastercard said: “We are delighted to announce the launch of our
innovative solution in Nigeria in partnership with First City Monument Bank.
“As a frontrunner in the digital payments industry, we
recognize our responsibility to introduce cost-effective solutions that benefit
everybody in the economy and facilitate the adoption of a cashless society for
the collective benefit of all. This partnership is part of our commitment to
connecting millions of Nigerians into a world where digital connectivity is
integrated into their daily lives, making their lives easier and simpler.”
He added that this digital payment solution involves the
utilization of Tap with PIN authentication. Customers are required to input a
unique 4-digit PIN for both authentication and authorization before processing
any transaction.
This secure feature aims to provide an added layer of
protection against potential fraud or unauthorized use. Furthermore, the
transaction flow will follow the existing Point-of-Sale (POS) rails, with the
Nigeria Inter-Bank Settlement System (NIBSS) acting as the central switch for
seamless transaction processing.
Also speaking on the partnership and service, the Divisional
Head, Payment and Solutions, FCMB, Mr Frank Atat said:
“As almost all aspects of our lives become virtual, there is
a need to continuously proffer convenient solutions that will cater to the
transacting needs of our customers and Nigerians. Our partnership with
Mastercard and Netplus to deploy the Tap on Phone contactless payment solution
aligns with FCMB’s value as a customer-centric institution committed to
providing innovative offerings that conveniently meet the evolving needs of
individuals and businesses in a digitally changing world”.
On his part, Head of Partnership and Channels Development,
Netplus, Mr Samuel Onwuekwe, NetPlusDotCom said, “At NetPOS, we are excited to
partner with leading Financial Institutions – MasterCard and FCMB – to launch
yet another innovative solution in Nigeria. With this platform, MSMEs who are
otherwise excluded from Acceptance solutions will be able to leverage digital
services to grow their business. We look forward to providing the needed
support to drive the adoption of this solution in Nigeria and adjacent
markets.”
This technology provides several benefits to consumers,
including convenience, speed, security, and accessibility. Transactions are processed
swiftly, reducing waiting times while providing a secure payment method that
minimizes the risks associated with cash payments. This partnership is part of
Mastercard’s commitment to connecting 1 billion individuals and 50 million
micro and small merchants to the digital economy by 2025.
0 comments:
Post a Comment