Interswitch Group, a pan-African digital payment and commerce solution company, launched an array of innovative product offerings expected to boost the payment industry in Nigeria at a launch event, TechConnect, held in Lagos.
According to the group, the new products will simplify digital payments and provide more secure payment solutions to financial institutions, Small and Medium Scale Enterprises (SMEs), merchants and their customers.
Akeem Lawal, the Managing Director, Payment Processing and Switching (Interswitch Purepay), stated that the company will continue to build cutting-edge solutions to enhance business development and provide seamless payment solutions to customers across the African continent.
The services unveiled include an enhanced Biometrics feature for Point of Sale (PoS) terminals and Automated Teller Machines (ATMs), Tokenization, and Card Fusion, with the services addressing digital payment fraud, problems with card issuance and portfolio management.
Interswitch, in collaboration with SterlingPRO, designed the Biometrics on PoS and Automated Teller Machines ATMs to protect customers against digital payment fraud and to avail them faster and more convenient ways to validate payments. The solution utilizes physiological features unique to everyone such as fingerprints, voice, and facial features to verify payment transactions.
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“We designed the Biometrics on POS and ATM to heighten customers’ protection from digital payment fraud. Although this solution exists in silos where account holders can verify their identity within their financial institution’s ecosystem, the Interswitch Biometrics on POS and ATM service will enable different banks’ customers to access their data and carry out payment transactions across various ATMs and PoS terminals,” Lawal said.
Similarly, Tokenization replaces sensitive data such as the 16-digit account information with a unique digital identifier known as a token. This will enable merchants fast-track and collect payment seamlessly, enabling customers check out faster in-store, in-app and online.
Card Fusion is a web-based instant card issuance platform that enables banks to conclude new card production requests and issue cards within a very short time, thus enhancing their customers’ experience while customers get to personalize their cards instantly.
With the launch of these three offerings, according to Interswitch, customers can now carry out transactions faster and are assured of more secure payment platforms, while banks, merchants, and business owners can fast-track and collect payments seamlessly.
“Our solutions have the capacity to be interoperable and scalable. With the Interswitch Biometric on PoS and ATM service, the Tokenization solution, and Card Fusion services, payment service providers including acquirers, issuers and merchants can assure their customers of an added layer of security while carrying out a payment transaction,” Lawal said.
Lawal added that “For the last 20 years, Interswitch has been at the forefront of developing innovative and cutting-edge solutions to accelerate the growth of businesses across the African continent. We are very confident that these new products will further transform the payment landscape.”
