Premier Bank, Mastercard, Tappy Technologies launch Tap2Pay

Through this move, Premier Bank secured its place as one of the first Somali Banks in Africa to introduce tokenised-passive payment wearables. The solution, developed as part of a collaboration between Premier Bank, a financial institution providing personal and business accounts, mobile money, and financial solutions, among others, and Mastercard and Tappy Technologies, aims to provide secure and contactless transactions via wearable technology.

The current news comes shortly after Mastercard launched real-time payments in South Africa, with the region benefiting from immediate card payments. This move was part of Mastercard’s broader strategy to optimise payment speed and security via product improvements, network optimisation, and strategic collaborations.

Everyday accessories turned into payment devices

Integrating Near Field Communication (NFC) technology, the Tap2Pay wearables, which include eyeglasses, rings, wristbands, smartwatch straps, and phone cases, allow consumers to make payments by tapping their device at any compatible point-of-sale (POS) terminal, ATM, or NFC-enabled payment point. By launching these solutions, Premier Bank aims to optimise the consumer experience while advancing the capabilities of payments and financial inclusion in Somalia.

Among the potential benefits, Premier Bank mentions:

• Increased security for consumers through tokenisation, as the technology replaces card information with encrypted tokens;
• Accelerated checkout experiences for merchants, which in turn drive customer satisfaction and operational efficiency. In addition, this focuses on augmenting approval rates and contributing to scaling sales;
• Financial institutions can receive increased transaction volumes as the technology equips consumers with a dynamic and secure way to pay.