Interswitch seeks to boost tap-to-pay adoption in Nigeria through consumer education
Interswitch, a Nigerian payments technology company, highlights consumer education as the key hurdle to making tap-to-pay a mainstream payment method in Nigeria.
In Brief
- •Interswitch, a Nigerian payments technology company, highlights consumer education as the key hurdle to making tap-to-pay a mainstream payment method in Nigeria.
- •Interswitch is collaborating with five Nigerian banks to expand tokenised tap-to-pay transactions, including GTBank, Wema Bank, ProvidusUnity Bank, Zenith Bank, and FirstBank.
- •The company is working to bring more merchants into the network, with supermarket chain Spar expressing interest.
- •Interswitch has made most of the cards it issued over the past two to three years compatible with tokenised payments, but consumer education is needed to explain how tokenisation protects payment details.
Why It Matters
Tap-to-pay technology has the potential to revolutionize payment methods in Nigeria, offering convenience and security. However, widespread adoption has been hindered by infrastructure gaps and limited consumer awareness. Interswitch's efforts to educate consumers and expand merchant adoption are crucial steps towards making tap-to-pay a mainstream payment method. This development could significantly impact the digital payments landscape in Nigeria, potentially driving economic growth and financial inclusion.
Key Details
- Collaborating Banks
- GTBank, Wema Bank, ProvidusUnity Bank, Zenith Bank, FirstBank
- Interesting Merchant
- Spar
- Documentary Title
- Are You Tapping?
Context & Background
Contactless payments have been attempted in Nigeria since 2015 with services like PayAttitude and Tap to Phone. However, widespread adoption has been limited due to infrastructure gaps and consumer awareness.
Original Reporting & Sources
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