Interswitch Promotes Tap-to-Pay Technology for Payments

Interswitch and its banking partners are advocating for tokenised payments that enable customers to pay for goods and services by tapping compatible devices, positioning this technology as an alternative to traditional bank transfers and physical card payments. During a tokenisation documentary press briefing in Lagos, Akeem Lawal, managing director of Payment Processing and Switching at Interswitch Purepay, emphasized that this shift towards tap-to-pay represents the next stage in Nigeria's digital payments evolution.

Lawal stated that the technology could significantly reduce the friction customers face when making payments. Unlike conventional transfers, which require multiple steps, tokenised contactless payments allow users to tap devices against payment terminals and authenticate transactions.

Tokenisation replaces sensitive card details with a digital identifier, enhancing security. The adoption of this technology will depend on the availability of compatible devices, wallets, and terminals supported by banks and merchants, which is crucial for extending its use beyond retail to transport systems and everyday transactions.