Recently, Master Card and Netplus entered partnership with First City Monument Bank (FCMB), to launch a contactless payment solution that allows consumers, merchants, and financial institutions to process payments seamlessly using Tap on Phone.
Speaking at the launch in Lagos on Tuesday in Lagos was the Country Manager and Area Business Head, West Africa at Mastercard, Ebehijie Momoh, who confirms the payment solution would facilitate trade in the country.
He explained, “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 recognise 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 in a world where digital connectivity is integrated into their daily lives, making their lives easier and simpler.”
However, the Divisional Head, Payment & Solutions FCMB, Frank Atat, went further to throw more light on how it works saying that customers will input a unique 4-digit PIN for both authentication and authorisation prior to processing any transaction.
He assured, “This secure feature aims to provide an added layer of protection against unauthorised 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,” he explained.
He also noted that, the new payment solution would eliminate physical contact with a device at the point of sale, “thereby, enabling consumers make contactless payments quickly and easily, without the need to carry physical cash”.
To this end, the monument bank reiterated that this service, also known as Soft POS, is a “simple, convenient, and cost-effective digital payment technology that supports the needs of merchants and as a solution that transforms smart devices into payment-acceptance devices”.
(Punch)