BUSINESS Firm introduces non field communication tap
As the Central Bank of Nigeria’s policy on cashlesseconomycontinuestoreceiveattention in the business community, Teasy Mobile Money has deployed the first commercial Non Field Communication (NFC)/Contactless payments solution in Nigeria.
In a statement forwarded to Daily Trust, the Chief Executive Officer of Teasy Mobile, Musa Ali Baba, believed that not only will retail payments be easier and faster but that customer’s satisfaction will be guaranteed.
“We are very excited with the market opportunity that this solution will bring us, we believe that retail payments will seriously drive up the volume of transactions as well as grow customer confidence in the mobile payments space,” Ali Baba said.
To make the policy easier for Nigerians, Ali Baba said: “We want to make smaller payments quick, convenient, and contactless can offer just that. The company saw the gap and the need to enable wallet payments at existing POS terminals,” he concluded.
According to Teasy Mobile’s Chief Technical Officer, Stanley Vandu, the organization has always been at the forefront of providing innovative solutions to drive the adoption of mobile payments as well as financial inclusion.
He revealed that 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 the point of sale. Teasy has also deployed VeriFone NFC POS Terminals as well as mPOS terminals supporting NFC running on the Android operating system.
He explained that customers are provided with NFC stickers which are linked to their mobile wallet, thus allowing tap to 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 from 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 the speed and ease with which these transactions are completed makes for a wonderful customer experience. The solution also allows the use of biometric data for secure user identification and authentication aligning with recent Central Bank of Nigeria (CBN) policies around KYC and financial inclusion.