Teasy Mobile Money has successfully deployed the first commercial Near Field Communication (NFC)/Contactless payments solution in Nigeria.
This was announced by the Chief Executive Officer of Teasy Mobile Money Musa Ali Baba, who believed that not only will retail payments be easier and faster, customer’s satisfaction will be guaranteed.
“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” Ali Baba said
He added that ‘we want to make smaller payments quick, convenient, and contactless can offer just that.’
Teasy Mobile Money 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 terminals Ali Baba concluded.
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.
Also speaking, Teasy Mobile’s Chief Technical Officer, Stanley Vandu, explained that 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”.
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.