New Payment System Introduced By Mastercard In Collaboration With FCMB

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Master Card and Netplus have introduced a contactless payment solution in collaboration with First City Monument Bank that enables customers, retailers, and financial institutions to execute payments conveniently utilizing Tap on Phone.

Ebehijie Momoh, Country Manager and Area Business Head, West Africa at Mastercard, stated that the payment solution would promote trade in the nation during the introduction on Tuesday in Lagos.

He continued saying “We are excited to announce that First City Monument Bank and we have launched our novel solution in Nigeria. As a leader in the digital payments sector, we understand that we must bring about affordable solutions that benefit the entire economy and hasten the adoption of a cashless society for the benefit of all”.

This collaboration is a part of our mission to bringing together millions of Nigerians in a society where digital connectivity is a part of every day life, improving the quality of their existence.

Before completing any transaction, clients will provide a special 4-digit PIN for both authentication and authorisation, according to Divisional Head, Payment & Solutions FCMB, Frank Atat.

The purpose of this secure feature is to give an additional layer of defense against unauthorized use. The Nigeria Inter-Bank Settlement System (NIBSS) would serve as the central switch for seamless transaction processing, and the transaction flow will also adhere to the current Point-of-Sale (POS) rails, the speaker added.

The new payment method, he said, would enable users to make contactless payments swiftly and easily without having to carry real cash because it would eliminate direct interaction with a device at the point of sale.

Furthermore, the Monument Bank reaffirmed that this solution, also known as Soft POS, is a “simple, convenient, and economically sound digital payment system that fulfills the needs of merchants. Smart devices are converted into payment-acceptance devices by the solution.

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