ProvidusBank has teamed up with Interswitch, Mastercard, and Thales Group to launch a new service called “Tap-to-Pay.” This measure aims to make Nigeria less dependent on cash transactions, encourage innovation, and speed up the spread of digital payment methods in the country.
Cardholders will be able to make quick, secure, and easy payments in stores by tapping their NFC-enabled smart device on any contactless-enabled payment terminal. This service will be available to cardholders. A connected device, such as a smartphone or wearable gadget, can function as a safe and secure payment mechanism like a genuine card does. This is how the solution works.
What are the new perks of the bank initiative?
Customers of ProvidusBank will find it easier to do things because the bank uses Mastercard’s Digital Enablement Service (MDES) and Interswitch’s tokenization feature. This means that ProvidusBank customers will be able to shop without a card or a traditional wallet.
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Mastercard’s tokenization and digitization technology processes each transaction with tokens instead of primary account numbers (PANs). This replaces PANs with tokens to make the checkout process faster, safer, and more convenient. It also makes card numbers useless to thieves, who won’t be able to use them.
“In Sub-Saharan Africa, technology has changed a lot in the last ten years, and mobile phone technology has played a big role in that,” said Walter Akpani, Managing Director and Chief Executive Officer of ProvidusBank, about the new solution. The bank’s engagement with Mastercard and Interswitch to create additional value through mobile devices is a plan to leverage current infrastructure while enabling more manageable use of the advanced digital and tokenization capabilities of Interswitch and Mastercard.
All Mastercard transactions are protected by payment tokens that are based on industry standards and use the standard EMV level of security.
The merging of traditional and online shopping will not happen in the distant future; instead, it is already taking place. According to Ebehijie Momoh, the Country Manager and Area Business Head for Mastercard in West Africa, “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.” “As a leader in mobile commerce innovation, we’re excited to work with ProvidusBank to create a new way to pay that is both easy and safe. This will help Nigerians use digital payments more quickly.”
Interswitch Purepay Managing Director Akeem Lawal made the following statement in response to the collaboration: “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.” This is the main reason why Interswitch, Providus Bank, Thales Group, and Mastercard worked together to make tokenization technology. This technology adds an extra layer of security and makes sure that payment transactions are safer and easier to use. We at Interswitch are constantly looking for new ways to use critical collaboration to push the limits of innovation.
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Using Tap-to-Pay service
To use the service, customers must go through a one-time process of digitizing their cards by following the instructions in their banking app. Once the card information has been sent to a mobile device, a cardholder can tap to pay by opening the banking app on their device, selecting NFC payments, touching their phone at the Point of Sale, and entering their PIN to complete the transaction. They can also make secure and hassle-free payments via apps and online stores.
Similarly, Nassir Ghrous, Vice President of Sales for Banking and Payments Services at Thales Group, a global leader in advanced technologies, said, “We are excited to use our digital security expertise to develop the tokenization solution with innovators like Interswitch, Providus Bank, and Mastercard to improve the payment ecosystem in Nigeria.” The bank works with agriculture, mining, hotels, e-commerce, art and entertainment businesses, and more. Through EMV tokenization, the actual 16-digit card number of the customer is shielded from being shown online while the transaction is taking place.
Providus cardholders can also take advantage of contactless payment via their mobile devices due to this solution, which enables them to enjoy a comprehensive, user-friendly, and hassle-free “Digital Journey.”
About Providus bank
Providus Bank is a Nigerian commercial bank headquartered in Lagos. The bank, founded in 2016, provides debt financing to small and medium-sized businesses. The bank works with agriculture, mining, hotels, e-commerce, art and entertainment businesses, and more.
