Teasy Mobile Money has announced the successful deployment of Nigeria’s first commercial near field communication (NFC) contactless payments solution.
Musa Ali Baba, chief executive officer (CEO) of Teasy Mobile Money, said in addition to making retail payments easier and faster, the innovation also guarantees customer satisfaction.
“We are very excited with the market opportunity that this solution will bring, we believe that retail payments will seriously drive up the volume of transactions as well as grow customer confidence in the mobile payments space,” Baba said.
“We want to make smaller payments quick, convenient, and contactless can offer just that.”
He said the company has always been at the forefront of providing innovative solutions to drive the adoption of mobile payments as well as financial inclusion.
“The company saw the gap and the need to enable wallet payments at existing POS (point of sale) terminals,” he said.
The solution was provided by VeriFone Mobile Money, which includes the UNI-verse wallet enablement solution integrating the mobile wallet, banking and telecommunications provider networks with point of sale. Teasy has also deployed VeriFone NFC POS terminals as well as mPOS terminals supporting NFC running on the Android operating system.
Teasy Mobile’s chief technical officer Stanley Vandu said customers are provided with NFC stickers which are linked to their mobile wallet, thus allowing tap and pay transactions to be carried at the POS and mPOS.
“The choice of the Biometric/NFC technology was in line with industry standard as well as global best practices. Contactless payments have seen a steady rise in countries that have deployed such. In addition, our platform supports a whole range of services which would allow Teasy to provide a whole bouquet of financial services ranging m-commerce, cinema to bus ticketing solutions. This is in addition to the already existing banks account transfers, airtime top-up, and bill payments,” he said.