Caption: From left: Country Manager & Area Business Head, West Africa, MasterCard, Ebehijie Momoh; Head of Partnership and Channels Development, Netplus, Samuel Onwuekwe, Vice President, Customer Solutions, East & West Africa, MasterCard, Kari Tukur & Divisional Head, Payment & Solutions, First City Monument Bank (FCMB), Frank Atat, at the FCMB EasyPay launch, powered by Mastercard, on Tuesday, May 16 2023 in Lagos.
Mastercard, a global technology company in the payments industry, on Tuesday, in partnership with First City Monument Bank (FCMB) and NetPlusDotCom (NetPOS) unveiled a contactless payment solution that enables consumers, merchants, and financial institutions process payments without physical contact with a device at the point of sale.
With the seamless payment using Tap on Phone, also known as Soft POS, merchants, according to a statement, have no need to carry physical cash, using their Android smartphone or tablets to accept contactless payments without needing to invest in a separate hardware Point-of-Sale (POS) device.
Tap on Phone works by enabling the device’s Near Field Communication (NFC) capabilities, allowing it to communicate with a customer’s contactless payment card, with the customer only required to tap his/her card on the merchant’s smartphone or tablet, and the payment is processed through the Mastercard network.
Under the partnership, FCMB will serve as the acquirer Bank, while Netplus is the payment service provider.
Announcing the launch of the innovative solution in Nigeria, Ebehijie Momoh, Country Manager & Area Business Head, West Africa at Mastercard, expressed delight, stressing that “as a frontrunner in the digital payments industry, we recognize 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, he continued, “is part of our commitment to connecting the millions of Nigerians into a world where digital connectivity is integrated into their daily lives, making their lives easier and simpler.”
This digital payment solution involves the utilization of Tap with PIN authentication, with customers required to input a unique four-digit Personal Identification Number for both authentication and authorization before processing any transaction.
This secure feature, the statement continued, aims to provide an added layer of protection against potential fraud or unauthorized 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.
Also speaking on the partnership, the Divisional Head, Payment and Solutions, FCMB, Mr Frank Atat, believes that “as almost all aspects of our lives become virtual, there is a need to continuously proffer convenient solutions that will cater to the transacting needs of our customers and Nigerians.
“Our partnership with Mastercard and Netplus to deploy the Tap on Phone contactless payment solution aligns with FCMB’s value as a customer-centric institution committed to providing innovative offerings that conveniently meet the evolving needs of individuals and businesses in a digitally changing world,” he added.
Also speaking, NetPlusDotCom said, “at NetPOS, we are excited to partner with leading Financial Institutions – MasterCard and FCMB – to launch yet another innovative solution in Nigeria. With this platform, MSMEs who are otherwise excluded from Acceptance solutions will be able to leverage digital services to grow their business. We look forward to providing the needed support to drive the adoption of this solution in Nigeria and adjacent markets.”
This technology provides several benefits to consumers, the statement stressed, including convenience, speed, security, and accessibility. Transactions are processed swiftly, reducing waiting times while providing a secure payment method that minimizes the risks associated with cash payments. This partnership is part of Mastercard’s commitment to connecting 1 billion individuals and 50 million micro and small merchants to the digital economy by 2025.
