Providus Bank has launched a contactless payment service called Tap-to-Pay to reduce cash transactions, stimulate innovation and drive the growth of digital payments in Nigeria.
Providus Bank partnered with Mastercard, Interswitch and Thales Group to bring its new service to life.
As consumers around the world are switching from cash to digital and contactless payment methods at an unprecedented rate, a recent research has shown that the global market for contactless payment will rise to $20.340 trillion by 2026.
The new contactless tap-to-pay service allows cardholders to make fast, secure, and convenient in-store payments by tapping their NFC-enabled smart device at any contactless-enabled payment terminal to make quick, safe and convenient in-store purchases.
According to the Managing Director/CEO of Providus Bank, Walter Akpani, the tap-to-pay technology is already in use in some African nations with mobile phone technology playing a significant role in that space.
He said: “Technology has evolved greatly in sub-Saharan Africa in the last decade with mobile phone technology playing a significant role in that space.
“As a bank, 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 tokenization services.”
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.
On his part, Ebehijie Momoh, country manager and area business head, West Africa at Mastercard has this to say, “The convergence of physical and digital commerce is not in the future, it’s happening now. 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.
“As a pioneer of mobile commerce innovation, we are excited to work with ProvidusBank to deliver a new payment experience that is both seamless and secure, in turn speeding the adoption of digital payments in Nigeria,” Momoh added.