Interswitch, ProvidusBank, Mastercard and Thales launch contactless Tap-to-Pay transactions in Nigeria
In a move to further reduce dependency on cash transactions, stimulate innovation and drive the growth of digital payments in Nigeria, Interswitch together with ProvidusBank, Mastercard and Thales Group, today announced the introduction of a new Tap-to-Pay service
In a move to further reduce dependency on cash transactions, stimulate innovation and drive the growth of digital payments in Nigeria, Interswitch together with ProvidusBank, Mastercard and Thales Group, today announced the introduction of a new Tap-to-Pay service. 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 replaces 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.
All Mastercard transactions are made with industry-standard EMV-level security and are protected using standards-based payment tokens.
“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,” says Ebehijie Momoh, Country Manager & 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.”
Akeem Lawal, Managing Director, Interswitch Purepay also commented on the collaboration. According to him: “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, providing an added security layer and ensuring safer and more seamless payment transactions. At Interswitch, we continue to leverage key partnerships that push the boundaries of innovation.”
To use the service, customers need to first digitize their card as a once off set-up by following instructions in their banking app. Once the card credentials are provisioned to a mobile device, a cardholder can tap to pay simply by opening their banking app, selecting NFC payments, tapping their phone at the Point of Sale and entering their PIN to complete the transaction. They can also make safe and seamless in-app and e-commerce payments.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. www.mastercard.com
Mastercard Contact: [email protected]
ProvidusBank is licensed by the Central Bank of Nigeria as commercial bank authorized to provide banking services to individuals and businesses. ProvidusBank has strong IT infrastructure and digital channels, which we deploy to provide exceptional service to our customers so that they can achieve their personal and business objectives.
At ProvidusBank, we believe that the New World of fast, smart, personal, and borderless banking relationship is here. We are therefore inspired by our Future Forward Banking ethos to make life (at work and leisure) more exciting for our partners with the use of cutting-edge technology that delivers best-in-class customer satisfaction.
Learn more at: www.providusbank.com
ProvidusBank Contact: [email protected]
Interswitch is a leading technology-driven company focused on the digitization of payments in Nigeria and other countries in Africa. Founded in 2002, Interswitch disrupted the traditional cash-based payments value chain in Nigeria by supporting the introduction of electronic payments processing and switching services.
Today, Interswitch is a leading player with critical mass in Nigeria’s developing financial ecosystem and is active across the payments value chain, providing a full suite of omni-channel payment solutions. Interswitch’s vision is that of a prosperous Africa, driven by a seamless exchange of value and commerce and its mission is to create technology solutions that connect and empower individuals, businesses, and communities. Interswitch’s broad network and robust payments platform have been instrumental to the development of the Nigerian payments ecosystem and provide Interswitch with the infrastructure to expand across Africa.
Learn more at: www.interswitchgroup.com
Media Inquiries – [email protected]
About Thales Group
Thales (Euronext Paris: HO) is a global leader in advanced technologies, investing in digital and “deep tech” innovations – connectivity, big data, artificial intelligence, cybersecurity and quantum technologies – to build a confident future crucial for the development of our societies. The Group provides its customers – businesses, organizations and governments – in the defense, aeronautics, space, transport, and digital identity and security domains with solutions, services and products that help them fulfil their critical role, consideration for the individual being the driving force behind all decisions.
Thales has 81,000 employees in 68 countries. In 2021, the Group generated sales of €16.2 billion
Learn more at: http://www.thalesgroup.com
Media Enquiries – [email protected]