Mastercard has introduced a contactless payment system that enables customers, businesses, and financial institutions to execute payments easily utilizing Tap on Phone in collaboration with First City Monument Bank (FCMB) and Netplus.
The solution makes it easier for customers to make contactless payments by removing the need for physical touch with a device at the point of sale.
The service, often referred to as Soft POS, is a straightforward, practical, and reasonably priced digital payment solution that satisfies the requirements of retailers. The solution turns smart devices into gadgets that accept payments.
According to the partners, the agreement represents the bank’s goal to create cutting-edge, cost-effective, and practical payment solutions.
Without spending money on a separate hardware point-of-sale (POS) equipment, businesses may accept contactless payments using their Android smartphone or tablet thanks to the Tap on Phone.
Through the use of Near Field Communication (NFC), which is enabled via Tap on Phone, a customer’s contactless payment card can be communicated with.
A customer merely taps their card on the merchant’s tablet or smartphone, and the Mastercard network processes the transaction.
FCMB will act as the acquirer bank and Netplus as the payment service provider in accordance with the collaboration.
Ebehijie Momoh, Country Manager and Area Business Head for Mastercard in West Africa, said: “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 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 is part of our commitment to connecting millions of Nigerians into a world where digital connectivity is integrated into their daily lives, making their lives easier and simpler.”
