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.

 

 

Teasy combines NFC and biometrics for payments in Nigeria

By | Innovations

Nigerian mobile payments provider Teasy Mobile is to equip its mobile money agents with POS terminals that use biometric technology to verify a consumer and NFC to allow them to make a payment.

Teasy Mobile

VeriFone Mobile Money, a joint venture between POS maker Verifone and Mobilis Networks that also supplies Tonga’s NFC-based Beep and Go mobile money service, will provide Teasy Mobile with its Verifone Mobile Money wallet solution and retail switch. Teasy will also “work closely with local industry players to roll out Verifone contactless POS devices as part of the solution.”

Merchants will be using Verifone’s VX520 POS system and Teasy will also enable agents to use NFC phones running a merchant app to process payments.

Consumers will be able to make payments using an NFC phone or with an NFC tag, supplied by Israel-based labeling solutions provider Tadbik.

“When paying with a registered Teasy wallet, it’s an easy and fast process,” Teasy Mobile explained to NFC World. “The merchant keys in the amount of the desired transaction type — purchase, deposit, withdrawal, etc — on the POS terminal. The customer taps the phone on the POS, followed by entering a PIN and it’s done.”

“Biometric data can be used as an extra [know your customer] requirement for certain transaction values,” the company continued.

“We are very excited with the market opportunity this solution will bring us,” Teasy’s Musa Ali Baba says. “We believe that, while the market is growing quickly for mobile wallets, we will be able to roll out a mixture of point of sale and mobile wallet technology, thus capturing all points at which the customer will transact.

“VeriFone Mobile Money has provided a very advanced yet easy-to-use solution to Teasy that will add value to the Nigeria Cashless Vision and allow for alternative and easier ways to make payments benefiting Nigeria and the industry as a whole, and we are very excited to enter into this partnership.”

“Nigeria is a rapidly advancing and sophisticated mobile money market, and there are many mobile wallet providers already in the Nigerian market,” adds Chris Jones, CEO at VeriFone Mobile Money.

“With Teasy Mobile, VeriFone Mobile Money will be offering a market first in Nigeria delivering Teasy customers frictionless, fast and secure transactions at the agents’ point of sale.”