How Interswitch is redefining the payment landscape in Nigeria
As part of efforts to transform the payment landscape in Nigeria, Interswitch Group has launched three innovative services.
The new products will simplify digital payments and provide more secure payment solutions to financial institutions, Small and Medium Scale Enterprises (SMEs), merchants and their customers.
This was disclosed at a launch event, Interswitch TechConnect in Lagos.
The services unveiled include an enhanced Biometrics feature for Point of Sale (PoS) terminals & Automated Teller Machines (ATMs); Tokenization, and Card Fusion, with the services addressing digital payment fraud, problems with card issuance and portfolio management.
Interswitch, in collaboration with SterlingPRO, designed the Biometrics on PoS and ATMs to protect customers against digital payment fraud and to avail them of faster and more convenient ways to validate payments. The solution utilizes physiological features unique to everyone such as fingerprints, voice, and facial features to verify payment transactions.
Tokenization on the other hand replaces sensitive data such as the 16-digit account information with a unique digital identifier known as a token. Tokenization will enable merchants to fast-track and collect payment seamlessly, enabling customers to check out faster in-store, in-app and online.
In addition, Card Fusion is a web-based instant card issuance platform that enables banks to conclude new card production requests and issue cards within a very short time, thus enhancing their customers’ experience while customers get to personalize their cards instantly.
With the launch of these three offerings, customers can now carry out transactions faster and are assured of more secure payment platforms, while banks, merchants and business owners can fast-track and collect payments seamlessly.
Speaking on this, Mr Akeem Lawal, the Managing Director, Payment Processing & Switching (Interswitch Purepay), stated that the company will continue to build cutting-edge solutions to enhance business development and provide seamless payment solutions to customers across the African continent.
He noted that the three services were designed to address prevailing issues within the digital payment value chain.
He said, “Interswitch is redefining the payment landscape in Nigeria, therefore we are committed to enabling the payment ecosystem that will drive the growth of businesses for economic prosperity.
“We designed the Biometrics on POS & ATM to heighten customers’ protection from digital payment fraud. Although this solution exists in silos where account holders can verify their identity within their financial institution’s ecosystem, the Interswitch Biometrics on POS & ATM service will enable different banks’ customers to access their data and carry out payment transactions across various ATMs and PoS terminals.”
“Our solutions have the capacity to be interoperable and scalable. With the Interswitch Biometric on PoS and ATM service, the Tokenization solution and Card Fusion services, payment service providers; acquirers, issuers and merchants can assure their customers of an added layer of security while carrying out a payment transaction,” he added.
He added that over two decades, Interswitch has been at the forefront of developing innovative and cutting-edge solutions to accelerate the growth of businesses across the African continent.