ProvidusBank is partnering with Mastercard, Interswitch and Thales Group to bring a new Tap-to-Pay service into the country.
Digital TimesNG understands that the service will allow cardholders to make fast, secure, and convenient in-store payments by tapping their NFC-enabled smart device at any contactless-enabled payment terminal.
The move is aimed at reducing dependency on cash transactions, stimulating innovation and driving the growth of digital payments in Nigeria.
“Technology has evolved greatly in Sub-Saharan Africa in the last decade with 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.” Walter Akpani, Managing Director/CEO, ProvidusBank said.
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 tokenisation 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 tokenisation and digitisation 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.
“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 & Area Business Head, West Africa at Mastercard.
Akeem Lawal, Managing Director, Interswitch Purepay, while commenting on the new partnership also said “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 tokenisation 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.”
Nassir Ghrous, VP Sales Banking and Payments Services at Thales Group, said they were excited to bring their digital security expertise to bear in developing the tokenisation solution with innovators such as Interswitch, Providus Bank and Mastercard, to enhance the payment ecosystem in Nigeria.
“With EMV tokenisation, the consumer’s actual 16-digit card number is protected from being exposed online during the transaction. The solution also allows Providus cardholders to benefit from contactless payment via their mobile devices, enjoying a full, easy and convenient ‘Digital Journey,” he said.
