New Tap2Pay technology offers fast, secure, and contactless payment solutions, driving financial inclusion and digital transformation.
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MastercardPremier Bank, in collaboration with Mastercard and Tappy Technologies, has launched Tap2Pay, making Premier Bank the first Somali Bank in Africa to launch tokenized-passive payment wearables. This solution marks a major milestone in the continent’s payment ecosystem, introducing secure, contactless transactions through cutting-edge wearable technology.
The Tap2Pay wearables integrate Near Field Communication (NFC) technology into everyday accessories like eyeglasses, rings, wristbands, smartwatch straps, and phone cases. These devices enable consumers to make swift, secure payments by simply tapping their wearable at any compatible point-of-sale (POS) terminal, ATM, or NFC-enabled payment point. This innovation enhances the consumer experience while setting a new standard for secure, frictionless payments, advancing financial inclusion in Somalia.
“The Tap2Pay solution signifies a groundbreaking step in Africa’s financial sector, aligning with global advancements in technology and transforming the way we make payments. We see technology as a crucial component in enhancing financial security and making life easier, and now it’s part of your daily wear,” said Dr. Mohamed Ghedi Jumale, CEO of Premier Bank.
“Tokenization is at the heart of the next generation of secure, contactless payments. By replacing sensitive data with encrypted tokens, we are ensuring that consumers can pay with confidence. This collaboration with Premier Bank and Tappy Technologies is a critical step in bringing safe, convenient, and innovative payment solutions to African consumers, empowering them to integrate technology seamlessly into their everyday lives,” said Mark Elliott, Division President for Africa at Mastercard.
Tokenization, which powers this technology, replaces sensitive payment data with a unique, encrypted token that is securely stored on the wearable device. By eliminating the need to expose cardholder information, the wearables ensure that payments are both safe and seamless.
With the global wearables market expected to reach $80.39 billion by 2030, Premier Bank is positioning itself at the forefront of Africa’s digital transformation. This launch is set to accelerate the adoption of digital payments and drive financial inclusion, furthering Africa’s move toward a more digitized and connected future.
“Africa’s burgeoning market, with its rapidly growing adoption of digital technologies and increasing demand for convenient payment solutions, represents an incredible opportunity for innovative tech providers like Tappy,” said Suboor Ahmed, Chief Operating Officer at Tappy Technologies. “Our wearable payment technology, developed in collaboration with Premier Bank and Mastercard, is perfectly positioned to meet this demand and capitalize on its vast potential. We are thrilled to be at the forefront of this digital transformation and look forward to creating lasting impact in the region.”
Prashanth Dappula, Chief Product Officer at Tappy Technologies, added: “Our collaboration with Premier Bank and Mastercard underscores our commitment to innovation and financial inclusion. By introducing secure, tokenized payment wearables, we are empowering consumers to make everyday transactions with ease while embracing the future of digital payments.”
Benefits Across the Ecosystem:
- For Consumers: Tokenization ensures the highest level of security by replacing card information with encrypted tokens, offering both peace of mind and convenience. With wearables integrated into daily life, payments become an effortless part of consumers’ routines.
- For Merchants: This solution enables faster checkout experiences, driving customer satisfaction and operational efficiency, with better approval ratings contributing to increased sales.
- For Financial Institutions: As a top-of-wallet capability, this technology drives more transactions by offering consumers a dynamic and secure way to pay, thus enhancing customer loyalty.
With enhanced security, faster transactions, universal connectivity, and hygienic, contactless payments, the launch of Tap2Pay sets a new benchmark for secure, contactless payment solutions across the continent. This collaboration exemplifies the shared commitment of Premier Bank, Mastercard, and Tappy Technologies to bring world-class payment solutions to Africa, fostering innovation and advancing financial inclusion.
Source: Mastercard
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