Mastercard unveils contactless solutions to boost digital payment in Nigeria

By Delisha Fernandes

Mastercard has launched its contactless payment solutions, to transform Nigeria’s payment landscape.

The solution will empower businesses to accept card payments easily and cost effectively, using “tap on phone”, “QR Pay by link” and “Payment link” on their smart phones.

Mastercard’s contactless options will reduce the cost of payment acceptance devices, making it financially feasible for SMEs to adopt this technology. This means that even small businesses can use their low-cost smartphones to accept payments safely and easily, by utilising QR codes, Payment Links, and Contactless payments, all pre-equipped with Mastercard’s secure payment acceptance technology.   

“As we navigate the evolving landscape of payments in Nigeria, Mastercard is proud to launch its contactless payment solutions. We understand the importance of seamless, secure, and cost-effective digital payment solutions, particularly for small businesses and consumers. We are determined to support and accelerate the adoption of innovative payment methods, ultimately fostering financial inclusion and economic growth in Nigeria. We’re committed to making a digitally inclusive future a reality for all.” said Kari Tukur, the Vice-President of Customer Solutions, East and West Africa at Mastercard.  

Contactless payments make the checkout experience faster and more convenient for all parties involved. With a contactless payment system in place, customers can skip the step of paying by cash or swiping their card and inputting the PIN. They can simply tap the card against the terminal, in this case their mobile phone, making for smoother transactions.

The NFC (Near Field Communication) technology that is built into contactless cards ensures seamless payment processing. Contactless payments also save a lot of time for business owners by decreasing transaction times and making it easier to invest that time in other business-related duties like inventory management.

This technology provides several benefits to consumers, including convenience, speed, security, and accessibility. Transactions are processed swiftly, reducing waiting times, while providing a secure payment method that minimizes the risks associated with cash payments.