• About
  • Advertise
  • Careers
  • Contact Us
Friday, June 27, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Economy Finance

Interswitch, Providus Bank TapToPay Solution Now Live

by Peter Oluka
September 26, 2022
in Finance
0
UBA
Advertisements

As part of efforts to foster a safer, more inclusive payments ecosystem, Interswitch, Africa’s leading integrated payments and digital commerce company, in collaboration with Providus Bank, has emphasized the need for heightened focus on security in the payments ecosystem.

This submission was made at the official unveiling of the tokenization solution jointly developed by Interswitch, Providus Bank, Mastercard, and Thales Group, where industry experts also gathered to discuss current and future trends in the payments space.

One of the key trends highlighted at the event was the demand for more convenient, accessible, and secure means of conducting everyday financial transactions by consumers, a trend which had prompted the introduction of the tokenization solution, with the aim of encouraging more Nigerians to accept cashless transactions.

Interswitch, Providus Bank and Mastercard Launch Tokenization Solution
Advertisements
MTN ADS
Key dignitaries at the launch of the new contactless Tokenization (#TapToPay) solution developed by Interswitch Group in partnership with Mastercard, Providus Bank and Thales Group

In his opening remarks, Jonah Adams, Managing Director, Digital Infrastructure and Managed Services, Interswitch Group, explained that the collaboration that birthed the tokenization was crucial, as it opened up realms of possibilities in the payments ecosystem, not only within Nigeria but in Africa as a whole.

https://techeconomy.ng/2022/03/the-need-for-innovative-secured-solutions-in-a-vulnerable-digital-world/

He noted that the tokenization solution was a first-of-its-kind solution in West Africa and the sub-Saharan region, with everyday transactions happening at the speed of thought, and posited that it would transform the payment space and merchant acquiring space.

According to him, tokenization as a solution was designed to enable more personalized, speedy, secure and convenient payment interactions.

Tokenization enables consumers’ 16-digit Permanent Account Numbers (PAN) to be replaced with unique identifiers to keep fraudsters from accessing the personal details of end users.

Interswitch, Providus Bank and Mastercard Launch Tokenization Solution
A cross section of guests at the event

Tokenization is at the heart of connected devices and will allow users to carry out financial transactions using their electronic devices or payment cards knowing that such transactions are safe and secure.

Speaking during the panel session on the need for timely solutions such as tokenization, Babatunde Okufi, Group Head, Business Development, Interswitch Purepay, also emphasized the need for fintechs and financial institutions to design more innovative and intuitive solutions that keep the funds and data of end users safe.

In his words, “The emergence of COVID-19 shifted consumer behaviour. And as more consumers get on the digital payments train, there will equally be more fraud cases. Fraudsters innovate, and players in the payments space should also innovate to ensure that they gain higher grounds on these cyber attackers.”

Okufi noted that to curb the prevailing cases of e-fraud, rules have been instituted. These rules include the introduction of transaction limitations, leveraging Artificial Intelligence (AI), and effective fund transaction tracking between sender and receiver.

Frank Atat, Divisional Head, eBusiness, Providus Bank, who was also a panelist, proffered that partnerships between key stakeholders remain crucial in helping to improve payment convenience and reduce cyber threats through the deployment of cyber tools.

Atat noted that with more stringent safety measures, consumers would increasingly adopt digital payment methods , adding that many Nigerians were unaware of the benefits of digital payments owing to the lack of widespread awareness. However, to address this challenge, he suggested collaboration between players in the ecosystem.

Interswitch, Providus Bank and Mastercard Launch Tokenization Solution
Some faces at the event

Echoing Atat’s sentiments was Peter Ehizogie, Regional Manager, Product Sales-Cyber & Intelligence Solutions (West Africa), Mastercard, who said that consumers would naturally gravitate towards digital payments once they are able to trust payment platforms with their funds.

“Collaborations between players in the payments space will aid the widespread adoption of digital payment, and this can only be achieved when we have gained the trust of these consumers,” Ehizogie said.

Loading

Author

  • Peter Oluka
    Peter Oluka

    Peter Oluka (@peterolukai), editor of Techeconomy, is a multi-award winner practicing Journalist. Peter’s media practice cuts across Media Relations | Marketing| Advertising, other Communications interests. Contact: peter.oluka@techeconomy.ng

    View all posts
0Shares
Tags: interswitchTapToPayThales GroupTokenization
Peter Oluka

Peter Oluka

Peter Oluka (@peterolukai), editor of Techeconomy, is a multi-award winner practicing Journalist. Peter’s media practice cuts across Media Relations | Marketing| Advertising, other Communications interests. Contact: peter.oluka@techeconomy.ng

Next Post

Africa Tech Alliance Forum (AfriTECH 2.0) Holds November 9!

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Samsung Galaxy Unpacked 2024 | Date | Expectations

Samsung Galaxy Unpacked 2024 | Date | Expectations

1 year ago
Shuttlers CNG Buses

Shuttlers Launches 20 CNG Buses in Lagos, Cuts Commuter Costs by 29%

3 months ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.