Teasy Mobile Money got an International Award

By | Sponsorship

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 & SullivanTeam%20Teasy%20and%20Ade

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.

TEASY Mobile Money deploys first commercial Near Field Communication NFC/Contactless (Tap and Pay) retail payment services in Nigeria

By | Innovations

Teasy Mobile Money has successfully deployed the first commercial Near Field Communication (NFC)/Contact-less payments solution in Nigeria.

This was announced by the Chief Executive Officer of Teasy Mobile Money Musa Ali Baba, who believed that not only will retail payments be easier and faster, customer’s satisfaction will be guaranteed.

“We are very excited with the market opportunity that this solution will bring, we believe that retail payments will seriously drive up the volume of transactions as well as grow customer confidence in the mobile payments space” Ali Baba said, He added that ‘we want to make smaller payments quick, convenient, and contact-less can offer just that.’

Teasy Mobile Money has always been at the forefront of providing innovative solutions to drive the adoption of mobile payments as well as financial inclusion.  The company saw the gap and the need to enable wallet payments at existing POS terminals Ali Baba concluded.

The solution was provided by VeriFone Mobile Money, which includes the UNI-verse wallet enablement solution integrating the mobile wallet, banking and telecommunications provider networks with the point of sale. Teasy has also deployed VeriFone NFC POS Terminals as well as mPOS terminals supporting NFC running on the Android operating system.

Also speaking, Teasy Mobile’s Chief Technical Officer, Stanley Vandu, explained that customers are provided with NFC stickers which are linked to their mobile wallet, thus allowing tap and pay transactions to be carried at the POS and mPOS.

“The choice of the Biometric/NFC technology was in line with industry standard as well as global best practices.  Contact-less payments have seen a steady rise in countries that have deployed such.  In addition, our platform supports a whole range of services which would allow Teasy to provide a whole bouquet of financial services ranging m-commerce, cinema to bus ticketing solutions. This is in addition to the already existing banks account transfers, airtime top-up, and bill payments”.

The speed and ease with which these transactions are completed makes for a wonderful customer experience. The solution also allows the use of biometric data for secure user identification and authentication aligning with recent Central Bank of Nigeria (CBN) policies around KYC and financial inclusion.