The service allows cardholders to make fast, secure, and convenient in-store payments by tapping their NFC enabled smart device at any contactless-enabled payment terminal. The solution works by enabling a connected device such as a smartphone or wearable device to act as a safe and secure payment method in the same way as a physical card.
Leveraging Mastercard’s Digital Enablement Service (MDES), and Interswitch’s tokenization capability, ProvidusBank customers can enjoy a new level of convenience, no longer needing a card or a physical wallet during shopping trips.
In a statement, Mastercard’s officials stated that they understand that consumers want to make digital payments when, where, and how they want, with the same protection and security offered with a physical card. As a pioneer of mobile commerce innovation, they are happy to work with ProvidusBank to deliver a new payment experience that is both seamless and secure, in turn speeding the adoption of digital payments in Nigeria.
How it works?
For each transaction, Mastercard’s tokenization and digitisation technology replaces primary account numbers (PANs) with tokens to provide a faster, more secure, and seamless checkout experience while rendering card numbers useless to fraudsters. All Mastercard transactions are made with industry-standard EMV-level security and are protected using standards-based payment tokens.
To use the service, customers need to first digitize their card as a once off set-up by following instructions in their banking app. Once the card credentials are provisioned to a mobile device, a cardholder can tap to pay simply by opening their banking app, selecting NFC payments, tapping their phone at the Point of Sale and entering their PIN to complete the transaction. They can also make safe and seamless in-app and ecommerce payments.
