Teasy Mobile Money International has beaten over 29 other mobile money licensed company across the country to receive the 2014 Nigerian mobile money customer value leadership award initiated by Frost & Sullivan
According to the organizer, “Teasy International has built its position as a leader in the Nigerian mobile money industry by introducing the first commercial NFC-based contactless payment solution in Nigeria”.
“Teasy Tap and Pay has been considered as an electronic payment solution bridge between the world of microfinance and that of the traditional banking system.”
John Weber, who spoke on behalf of the organizer, Frost & Sullivan explained that the choice of Teasy International was based on the outcome of the report of the Frost & Sullivan analysts and industry experts which embarked on a global hunt for companies achieving dual excellence in two critical areas of customer value and growth success.
According to the report, “Teasy International partnered with Verifone (a global provider of technology for electronic payment transactions and value-added services at the point of sale) to develop its own mobile money platform”.
“To remain ahead of competitors, Teasy International added a new feature to its Teasy Tap and Pay solution, making it possible for it to be used as a Mobile Point of Sale, MPoS device.
“It is a merchant payment service that allows customers to use their mobile phone to pay for goods and services at any POS terminal, which accepts a NFC-enabled phone. It has converted Android and BlackBerry phones into MPoS devices through the Teasy Mobile Money App.
“The Teasy Mobile Money solution also allows for the use of biometric data for secure user identification and authentication. This Biometric payment technology eliminates the need to carry cash, cheques or credit cards and removes any risk associated with theft, or a forgotten pin.
“As an innovator, Teasy International is, currently, developing a new service as part of its platform called Cashless Campus. It has partnered with four universities in Nigeria to allow students to pay for their school fees and bus fares using the Teasy Tap and Pay App.
“Teasy International is in the process of partnering with every Nigerian university to extend this new service country wide”, he added.
At the beginning of 2014, Teasy Tap and Pay accounted for an increase in customer’ satisfaction and has enabled the company to record a growth rate of 100 percent as well as an increase in its customer base, through partnership with relevant stakeholders including the National Union of Road Transport Workers, NURTW which owns motor parks and bus stations in every part of the country.
These are used to place approximately 744 Teasy International Points of Sale, POS.The Teasy Tap and Pay service also allows for fast payments from mobile wallets at the POS, when an NFC-compatible mobile device is brought within a few centimetres of another NFC POS-enabled device.
According to the organizer, the greatest challenge to mobile money adoption in Nigeria is people’s unawareness of the existence of mobile money operators. Approximately 94.5 percent of Nigeria’s population of 162.5 million is currently unaware of mobile money platforms.
Teasy International, a Nigerian mobile money operator licensed by the Central Bank of Nigeria, CBN provides a wide range of financial services including, funds transfers, bill payments (goods and services), airtime purchases, and deposits and withdrawals, through the use of a mobile phone.
Its product, Teasy Mobile Money, is an end-to-end mobile phone-based platform that allows users to have an electronic wallet, e-wallet.