Mastercard in partnership with First City Monument Bank (FCMB) and Netplus has launched a contactless payment solution that allows consumers, merchants, and financial institutions to process payments seamlessly by using a simple tap on the Phone.
Speaking on the launch which was held in Lagos on Tuesday, the Country Manager and Area Business Head, West Africa at Mastercard, Ebehijie Momoh, said the payment solution would facilitate trade in the country.
“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.”
Also, the Divisional Head, Payment & Solutions FCMB, Frank Atat said customers will input a unique 4-digit PIN for both authentication and authorisation prior to processing any transaction.
“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 added that the new payment solution would eliminate physical contact with a device at the point of sale, “thereby, enabling consumers to make contactless payments quickly and easily, without the need to carry physical cash”.
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. The solution transforms smart devices into payment-acceptance devices”.