Visa unveils tokenisation plans for Nigeria
Visa has announced plans to deploy its tokenisation and mPOS services in Nigerian market. The service is already available for financial institutions in Europe since mid-April 2015, is part of Visa’s developed service to meet an increasing demand from consumers to use their latest smartphones and wearable devices for payments.
Speaking at #VisaTechFeed, a Visa Card-Bloggers meeting, Mr. Ade Ashaye, country manager, West Africa at Visa Cards, said that working with Visa Cards, financial institutions in Nigeria and West African region in general, will be able to respond to the rapidly changing environment, providing their customers with more convenient and secured payment models in a cost-effective way.
The tokenisation service protects customer data, substituting the payment account information found on a plastic card with a series of numbers that can be used to authorise payment, mainly online, without exposing actual account details.
He said, “Your money matters to us. That’s why we keep finding ways to secure your Visa card from fraudsters. So, Tokenization is an upcoming technology that protects your Visa card number when shopping online.”
According to him, tokenization, mPOS and more convenient and protected payment technologies will soon be unveiled in Nigeria.
“Challenges some of our Nigerian customers face include some merchants not trusting the country but we are overcoming this,” Ashaye added.Speaking on VisaNet, he said that for nearly 60 years, VisaNet has provided the technology backbone to support Visa’s payment innovations and services.
Today, “VisaNet” centralized and integrated architecture enables Visa clients with secure, reliable and scalable payment processing and value-added services.“Every time, every way, everyone, everywhere, VisaNet puts payment technology into more people’s hands,” he boasted.He also highlighted “Visa Checkout” as a digital payment service designed to simplify the checkout experience using a secure, single sign-on across channels and devices using a customer’s preferred payment method.