In a collaborative effort to enhance the digital payment landscape in Nigeria, First City Monument Bank (FCMB), Mastercard, and Netplus have introduced a groundbreaking contactless payment solution called Tap on Phone. This innovative technology enables seamless payment processing for consumers, merchants, and financial institutions.
The official launch of this cutting-edge solution took place on Tuesday in Lagos, with Ebehijie Momoh, the Country Manager and Area Business Head, West Africa at Mastercard, expressing excitement about the potential it holds for advancing trade within the country. Momoh emphasized Mastercard’s commitment to introducing cost-effective solutions that benefit all sectors of the economy and foster the adoption of a cashless society.
The collaboration with First City Monument Bank, a frontrunner in the digital payments industry, aims to connect millions of Nigerians by integrating digital connectivity into their daily lives. By doing so, the partnership seeks to simplify and streamline the payment process for individuals, promoting a more convenient and efficient way of conducting financial transactions.
According to Frank Atat, the Divisional Head of Payment & Solutions at FCMB, the Tap on Phone solution incorporates a secure feature that requires customers to input a unique 4-digit PIN for both authentication and authorization before processing any transaction. This additional layer of security protects against unauthorized use and ensures the safety of users’ financial information.
Atat further explained that the transaction flow for this innovative payment solution would 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. By leveraging these established infrastructures, the Tap on Phone solution offers a familiar and reliable payment experience to users.
One of the key advantages of this new payment solution is its ability to eliminate the need for physical contact with a payment device during transactions. This contactless feature enables consumers to make payments quickly and easily without the requirement of carrying physical cash. The Tap on Phone solution empowers individuals to embrace digital payments, thereby contributing to the ongoing efforts to create a cashless society in Nigeria.
In addition to the convenience it offers to consumers, FCMB highlighted the benefits for merchants as well. The contactless payment solution, also known as Soft POS, transforms smart devices into payment-acceptance devices, making it a simple, convenient, and cost-effective digital payment technology. This innovation empowers merchants, enabling them to accept digital payments using their existing smartphones or tablets, further expanding the possibilities for conducting business in the digital age.
The launch of the Tap on Phone solution marks a significant milestone in the Nigerian payment landscape. With the combined expertise of FCMB, Mastercard, and Netplus, this partnership aims to revolutionize payment processing in the country, contributing to a more inclusive and efficient financial ecosystem. As Nigeria moves closer to a digital future, the Tap on Phone solution paves the way for a more connected and streamlined payment experience for all stakeholders involved.