PROMOTED: Mastercard partners FCMB to launch contactless tap on phone payment solution in Nigeria | TheCable
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.
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. 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 rails, with the Nigeria Inter-Bank Settlement System acting as the central switch for seamless transaction processing.
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