ProvidusBank Launches Tap-to-Pay Service With Mastercard, Interswitch and Thalesby Fintechnews Africa 5 October 2022
Nigerian financial services company ProvidusBank has partnered with Mastercard, African payments infrastructure provider Interswitch, and French technology company Thales Group to introduce a new Tap-to-Pay contactless payment service in the country.
The new service allows users to make in-store payments without using a card by tapping their smartphone or wearable device at any contactless-enabled payment terminal.
The solution leverages Mastercard’s Digital Enablement Service (MDES), and Interswitch’s tokenisation capability to replace primary account numbers with tokens, thus providing a more secure and seamless checkout experience.
To use the service, customers will need to first digitise their card by following the instructions in their banking app. They will then be able to use the tap to pay service through the app.
“Our collaboration with Mastercard and Interswitch to provide additional value through the mobile device is a strategy to leverage existing infrastructure, while delivering simplified payment through their advanced digital and tokenisation services,”
said Walter Akpani, Managing Director/CEO, ProvidusBank.
“We are excited to bring our digital security expertise to bear in developing the tokenisation solution with Interswitch, Providus Bank and Mastercard.
With EMV tokenisation, the consumer’s actual 16-digit card number is protected from being exposed online during the transaction. The solution also allows Providus cardholders to benefit from contactless payment via their mobile devices,”
said Nassir Ghrous, VP Sales Banking and Payments Services at Thales Group.