Mastercard, FCMB launch tap-on-phone payment solution
Mastercard, in partnership with First City Monument Bank (FCMB) and Netplus, has launched a contactless payment solution that enables consumers, merchants and financial institutions to process payments seamlessly using Tap on Phone.
The solution helps to eliminate physical contact with a device at the point of sale, thereby enabling consumers make contactless payment easily.
The 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.
The partnership reflects the bank’s vision to develop innovative, affordable and convenient payment solutions, the parters said.
With the Tap on Phone, merchants can use their android smartphone or tablet to accept contactless payments, without investing in a separate hardware point-of-sale (POS) device. Tap on Phone works by enabling the device’s Near Field Communication (NFC) capabilities, allowing it to communicate with a customer’s contactless payment card. A customer simply taps their card on the merchant’s smartphone or tablet, and the payment is processed through the Mastercard network.
Under the partnership, FCMB will serve as the acquirer Bank, while Netplus is the payment service provider.
Country Manager and Area Business Head, West Africa, Mastercard, Ebehijie Momoh, 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.”