Mastercard, in partnership with First City Monument Bank (FCMB) and NetPlusDotCom (NetPOS), has launched a contactless payment solution that enables consumers, merchants, and financial institutions to process payments seamlessly using Tap on Phone, also known as Soft POS.

This eliminates physical contact with a device at the point of sale, thereby enabling consumers to make contactless payments quickly and easily without the need to carry physical cash.

With the Tap on Phone, merchants can use their Android smartphone or tablet to accept contactless payments without needing to invest 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 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 the 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

This digital payment solution involves the utilization of Tap with PIN authentication. Customers are required to input a unique 4-digit PIN for both authentication and authorization before processing any transaction.

This secure feature aims to provide an added layer of protection against potential fraud or 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, the Divisional Head, Payment and Solutions, FCMB, Mr Frank Atat, 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 meet 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 connecting 1 billion individuals and 50 million micro and small merchants to the digital economy by 2025.

The NetPOS Mini launched into the Nigerian market earlier this year, is a device that doubles as both a SmartPhone and a POS terminal, and offers multiple payment channels for merchants, including Cards, Account Transfers, QR codes and USSD payments.

Asides having NFC built in, pre-installed business apps and a merchant dashboard, the device can also be used by the merchants to take orders by call, text or iMessages.

It comes pre-installed with STORM, the Super Merchant app, which provides inventory management, payment integration with social media, and sales tracker all in one.

Speaking on the new banking product, Mr. Ebenezer Onyeagwu, the group managing director/chief executive of Zenith Bank Plc, said that: “SMEs remain the growth engine of any economy and Nigeria is no exception, with 96% of local businesses classified as SMEs according to the International Finance Corporation (IFC). This provides a huge space to deliver value and offer compelling propositions and engagement for business growth and contribute to national development”.

According to him, “the launch of the ‘SME Grow My Business’ product by the bank, therefore, stems from the desire to provide a unique platform for catering for the unique needs of SMEs who represent a major segment of the Nigerian economy”.

Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offerings, unique customer experience and sound financial indices.

The Bank remains a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.