Interswitch Introduces Advanced Payment Solutions in Nigeria

Nosa Alekhuogie

Interswitch Group, Africa’s lintegrated digital payment and commerce solutions, has rolled out new solutions aimed at boosting the payment ecosystems in Nigeria.

The company unveiled the new products at the maiden edition of the  Inter-switch TechConnect event which held in Lagos recently.

The products are expected to  simplify digital payments and provide more secure payment solutions to financial institutions, Small and Medium Scale Enterprises (SMEs), merchants and their customers.

They include an advanced Biometrics feature for Point-of-Sale (PoS) terminals and Automated Teller Machines (ATMs); Tokenization, and Card Fusion, targeted at addressing digital payment fraud, card issuance and portfolio management issues.

In collaboration with SterlingPRO, Interswitch designed the Biometrics on PoS and ATMs to protect customers against digital payment fraud and to avail them faster and more convenient was to validate payments. The solution utilises physiological features unique to everyone such as fingerprints, voice, and facial features to verify payment transactions.

Tokenization on the other hand improves transaction security by replacing sensitive  data such as the 16-digit account information with a unique digital identifier called a token. This will enable merchants fast-track and collect payment seamlessly.

In addition, 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 while customers can personalise their cards instantly.

With the launch of these three offerings, 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.

Speaking on the importance of the new products, the Managing Director, Payment Processing and Switching (Interswitch Purepay), Mr. Akeem Lawal, stated that the company would continue to build cutting-edge solutions to enhance payment security and provide seamless payment solutions to customers across the African continent.

He explained  that the three services were designed to address prevailing issues within the digital payment value chain.