Mastercard, in partnership with First City Monument Bank (FCMB) and Netplus, have launched a contactless payment solution that enables consumers, merchants, and financial institutions to process payments seamlessly using Tap on Phone. This eliminates physical contact with a device at the point of sale, thereby enabling consumers make contactless payments quickly and easily, without the need to carry physical cash.
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.
This partnership marks a new milestone between FCMB and Mastercard while it reflects the bank’s vision to develop innovative, affordable and convenient payment solutions.
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. The 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.
“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” said Ebehijie Momoh, Country Manager & Area Business Head, West Africa at Mastercard.
Customers input a unique 4-digit PIN for both authentication and authorization prior to processing any transaction. This secure feature aims to provide an added layer of protection against unauthorized use. Furthermore, the transaction flow will follow the existing Point-of-Sale (POS) rails, with the Nigeria Inter-Bank Settlement System (NIBSS) acting as the central switch for seamless transaction processing.
Also speaking on the partnership and service, Mr. Frank Atat, Divisional Head, Payment and Solutions, FCMB, said, ‘’As almost all aspects of our lives become virtual, there is a need to continuously proffer convenient solutions that will cater to the transacting needs of our customers and Nigerians.
“Our partnership with Mastercard and Netplus to deploy the Tap on Phone contactless payment solution aligns with FCMB’s value as a customer-centric institution committed to providing innovative offerings that conveniently meets the evolving needs of individuals and businesses in a digitally changing world’’.
On its part, NetPlusDotCom said, “At NetPOS, we are excited to partner with leading Financial Institutions – Mastercard and FCMB – to launch yet another innovative solution in Nigeria. With this platform, MSMEs who are otherwise excluded from Acceptance solutions will be able to leverage digital services to grow their business. We look forward to providing the needed support to drive the adoption of this solution in Nigeria and adjacent markets.”
This technology provides several benefits to consumers, including convenience, speed, security, and accessibility. Transactions are processed swiftly, reducing waiting times, while providing a secure payment method that minimizes the risks associated with cash payments. This partnership is part of Mastercard’s commitment to connect 1 billion individuals and 50 million micro and small merchants to the digital economy by 2025.
