Premier Bank, Mastercard & Tappy launch tokenizable payment wearables

By Gloria Methri

Africa’s Premier Bank has collaborated with Mastercard and Tappy Technologies to launch Tap2Pay, a tokenized payment wearable solution.

Tap2Pay wearables integrate Near Field Communication (NFC) technology into everyday accessories like eyeglasses, rings, wristbands, smartwatch straps, and phone cases. These devices enable consumers to make swift, secure payments by simply tapping their wearable at any compatible point-of-sale (POS) terminal, ATM, or NFC-enabled payment point.

“The Tap2Pay solution signifies a groundbreaking step in Africa’s financial sector, aligning with global advancements in technology and transforming the way we make payments. We see technology as a crucial component in enhancing financial security and making life easier. Now, it is part of your daily wear,” said Dr Mohamed Ghedi Jumale, CEO of Premier Bank.

Tokenization, which powers this technology, replaces sensitive payment data with a unique, encrypted token securely stored on the wearable device. By eliminating the need to expose cardholder information, the wearables ensure that payments are safe and seamless.

“Tokenization is at the heart of the next generation of secure, contactless payments. By replacing sensitive data with encrypted tokens, we are ensuring that consumers can pay with confidence. This collaboration with Premier Bank and Tappy Technologies is a critical step in bringing safe, convenient, and innovative payment solutions to African consumers, empowering them to integrate technology seamlessly into their everyday lives,” said Mark Elliott, Division President for Africa at Mastercard.

With the global wearables market expected to reach $80.39 billion by 2030, Premier Bank hopes to lead this digital transformation in Africa. This launch is set to accelerate the adoption of digital payments and drive financial inclusion, furthering Africa’s move toward a more digitised and connected future.

“Africa’s burgeoning market, with its rapidly growing adoption of digital technologies and increasing demand for convenient payment solutions, represents an incredible opportunity for innovative tech providers like Tappy,” said Suboor Ahmed, Chief Operating Officer at Tappy Technologies. “Our wearable payment technology, developed in collaboration with Premier Bank and Mastercard, is perfectly positioned to meet this demand and capitalise on its vast potential. We are thrilled to be at the forefront of this digital transformation and look forward to creating a lasting impact in the region.”