ProvidusBank, a Nigerian financial institution, has announced a partnership with Mastercard, Interswitch, and Thales Group to introduce the Tap-to-Pay service there.
By tapping their NFC-enabled smart device at any contactless-enabled payment terminal, cardholders will be able to make quick, safe, and convenient in-store purchases.
The plan is to increase the use of electronic payment methods in Nigeria and reduce the country’s reliance on cash transactions and innovation.
Over the past decade, mobile phone technology has played a pivotal role in the development of the technological infrastructure of Sub-Saharan Africa. Banks can take advantage of preexisting infrastructure by working with companies like Mastercard and Interswitch, which can then deliver simplified payment via advanced digital and tokenization services. ProvidusBank’s MD/CEO Walter Akpani said.
The solution functions by turning any internet-enabled device, be it a smartphone or wearable device, into a secure payment option that can be used in place of a traditional plastic card.
Customers of ProvidusBank will soon be able to enjoy a new level of convenience when they go out shopping thanks to the integration of Mastercard’s Digital Enablement Service (MDES) and Interswitch’s tokenization capability.
Tokenization and digitalization technology from Mastercard replaces Primary Account Numbers (PANs) with unique identifiers for each transaction, making card numbers useless to thieves while improving the shopping experience for consumers.
“The merging of offline and online markets is not some distant possibility; rather, it is already underway. According to Ebehijie Momoh, Country Manager & Area Business Head, West Africa 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.
When asked about the new partnership, Interswitch Purepay Managing Director Akeem Lawal added, “With the increasing adoption of digital payments, there has been a corresponding need for players in the payments ecosystem to heighten the safety and security of payment platforms and channels.”
“Interswitch’s partnership with Providus Bank, Thales Group, and Mastercard to develop tokenization technology stems from this idea, with the goal of providing an extra layer of protection for online financial transactions and making them more streamlined for consumers. Interswitch is committed to expanding its network of strategic alliances in order to further the company’s mission of “pushing the boundaries of innovation.”
Thales Group’s vice president of sales for banking and payments services, Nassir Ghrous, expressed enthusiasm about working with industry leaders like Interswitch, Providus Bank, and Mastercard on the tokenization solution to improve Nigeria’s payment infrastructure. Through the use of EMV tokenization, the actual 16-digit card number of the customer is shielded from online exposure. Contactless mobile payments are made possible for Providus cardholders thanks to this solution, allowing them to fully take advantage of the benefits of the “Digital Journey” with minimal effort.