Premier Bank, in conjunction with Mastercard and Tappy Technologies, has launched Tap2Pay, making it the first Somali bank in Africa to offer tokenized passive payment wearables.
Tap2Pay NFC Wearables
This solution represents a significant milestone in the continent’s payment ecosystem by offering safe, contactless transactions via cutting-edge wearable technology.
Tap2Pay wearables combine Near Field Communication (NFC) technology with daily items such as eyeglasses, rings, bracelets, smartwatch straps, and phone cases. These gadgets allow customers to make quick, secure purchases by just tapping their wearable at any compatible POS terminal, ATM, or NFC-enabled payment point. This innovation improves the consumer experience while setting a new standard for secure, frictionless payments, hence increasing financial inclusion in Somalia.
“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, and now it’s part of your daily wear,” said Dr. Mohamed Ghedi Jumale, CEO of Premier Bank.
Integrating Tokenization Technology
Tokenization enables this technology by substituting sensitive payment information with a unique, encrypted token that the wearable device safely stores. Wearables ensure payment security and convenience by reducing the need to expose cardholder information.
“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 is positioning itself at the forefront of Africa’s digital transformation.
“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 capitalize on its vast potential. We are thrilled to be at the forefront of this digital transformation and look forward to creating lasting impact in the region.”
Prashanth Dappula, Chief Product Officer at Tappy Technologies, concluded: “Our collaboration with Premier Bank and Mastercard underscores our commitment to innovation and financial inclusion. By introducing secure, tokenized payment wearables, we are empowering consumers to make everyday transactions with ease while embracing the future of digital payments.”
