In a move that’s set to transform Nigeria’s payment landscape, Access Bank has partnered with Visa to launch Tap to Phone, a innovative contactless payment solution that enables merchants to accept payments using NFC-enabled Android phones.
This initiative is the latest in a growing list of contactless payment solutions in Africa, following similar launches in Kenya and Nigeria. However, Access Bank’s Tap to Phone stands out for its simplicity and convenience, allowing merchants to receive payments without the need for additional hardware like PoS systems.
To get started, merchants simply need to download an app to their smartphones, making it an attractive solution for small businesses and entrepreneurs.
Similarly, Visa’s partnership with iKhokha in South Africa has enabled business owners to accept card payments on their mobile devices, enhancing sales tracking and transaction history.
The Central Bank of Nigeria (CBN) has introduced guidelines and increased transaction limits for contactless payments, aiming to promote a cashless economy. This isn’t Access Bank’s first foray into contactless payment, having launched PayWithCapture and PayAttitude in 2015.
With more players entering the space, regulatory gaps, trust issues, and limited infrastructure should not deter adoption. If successful, Tap to Phone could revolutionize Nigeria’s payment landscape by reducing cash dependency and enhancing financial inclusion.
Visa and Access Bank’s initiative represents a significant step towards modernizing Nigeria’s payment systems. Its success will rely on smartphone adoption by merchants, with Statista estimating that the number of smartphone users in Nigeria could reach 143 million by the end of 2025.
