Digital payment and commerce solution company, Interswitch Group, has launched an array of innovative products to boost the payment industry in Nigeria.
The new products will simplify digital payments and provide more secure payment solutions to financial institutions, Small and Medium Scale Enterprises, SMEs, merchants and their customers.
The services unveiled include an enhanced Biometrics feature for Point of Sale, PoS terminals & Automated Teller Machines, ATMs; Tokenization and Card Fusion, with the services addressing digital payment fraud, problems with card issuance and portfolio management.
The Managing Director, Payment Processing and Switching (InterswitchPurepay), Interswitch, Mr. Akeem Lawal, said the company in collaboration with Sterling PRO, designed the Biometrics on PoS and ATMs to protect customers against digital payment fraud and to avail them faster and more convenient ways to validate payments.
The solution utilises physiological features unique to everyone such as fingerprints, voice, and facial features to verify payment transactions.
He said Tokenization on the other hand, replaces sensitive data such as the 16-digit account information with a unique digital identifier known as a token.
Lawal said: “Tokenization will enable merchants fast-track payments seamlessly, and enable customers check out faster in-store, in-app and online.
“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, thus enhancing their customers’ experience while customers get to 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.
Lawal stated that the company will continue to build cutting-edge solutions to enhance business development and provide seamless payment solutions to customers across the African continent.