Premier Bank, in collaboration with Mastercard and Tappy Technologies, has launched Tap2Pay, making it the first bank in Somalia to launch tokenized-passive payment wearables.
The Tap2Pay wearables integrate Near Field Communication (NFC) technology into everyday accessories like eyeglasses, rings, wristbands, smartwatch straps, and phone cases. These devices enable consumers to make payments by simply tapping their wearable at any compatible point-of-sale (POS) terminal, ATM, or NFC-enabled payment point.
“The Tap2Pay solution signifies a groundbreaking step in Africa’s financial sector, aligning with global advancements in technology and transforming the way we make payments. We see technology as a crucial component in enhancing financial security and making life easier, and now it’s part of your daily wear,” said Dr. Mohamed Ghedi Jumale, CEO of Premier Bank.
“Tokenization is at the heart of the next generation of secure, contactless payments. By replacing sensitive data with encrypted tokens, we are ensuring that consumers can pay with confidence. This collaboration with Premier Bank and Tappy Technologies is a critical step in bringing safe, convenient, and innovative payment solutions to African consumers, empowering them to integrate technology seamlessly into their everyday lives,” said Mark Elliott, Division President for Africa at Mastercard.
Tokenization, which powers this technology, replaces sensitive payment data with a unique, encrypted token that is securely stored on the wearable device. By eliminating the need to expose cardholder information, the wearables ensure that payments are both safe and seamless.