Access Bank Launches ‘Tap to Phone’ Contactless Payment System for Nigerian Merchants

Access Bank has launched a new and easy way for Nigerians to make payments without using cash or PoS machines. This new system is called “Tap to Phone.” It allows businesses to accept payments directly on their smartphones. No need for expensive machines or cash, just a smartphone and a Visa card. This is a big step toward making payments faster and easier for everyone in Nigeria.

This new system is especially good for small business owners who cannot afford PoS machines. With Tap to Phone, anyone with an Android phone can start accepting payments from customers. This is a game-changer for Nigeria’s payment system.

What is the Tap to Phone System?

The Tap to Phone system is a simple way to pay without using cash or a PoS machine. It works by turning an Android phone into a payment terminal. Here’s how it works:

• The business owner (merchant) downloads an app from Access Bank on their Android phone.
• The customer taps their Visa card or phone on the merchant’s phone.
• The payment is completed instantly, and both the customer and merchant get a confirmation.

This system uses a technology called NFC (Near Field Communication), which allows two devices to communicate when they are close to each other. Most modern Android phones have this feature, so many people can use it.

How Does Tap to Phone Work?

Let me break it down in simple steps so you can understand how it works:

1. Download the App: The business owner downloads the Tap to Phone app from the Google Play Store.
2. Register: The owner signs up on the app using their business details. This process is quick and easy.
3. Accept Payments: When a customer wants to pay, they tap their Visa card or phone on the merchant’s phone.
4. Payment Confirmation: The payment is processed immediately, and both the customer and merchant receive a notification.

This system is very easy to use, and it doesn’t require any extra equipment like PoS machines. All you need is a smartphone!

Why is This Important for Nigeria?

Nigeria is moving toward a cashless economy, where people use less cash and more digital payments. The Central Bank of Nigeria (CBN) has been encouraging this shift to make payments safer and faster.

Many small businesses in Nigeria still rely on cash because they cannot afford PoS machines. The Tap to Phone system solves this problem by making it cheap and easy for anyone to accept digital payments.

Other companies like Moniepoint, PalmPay, and FCMB have also introduced similar systems, but Access Bank’s Tap to Phone is special because it is simple and works with just a smartphone.

How Does This Help Small Businesses?

Small businesses are the backbone of Nigeria’s economy, and this new system is a big win for them. Here’s why:

1. No Expensive Machines: PoS machines can cost a lot of money, but Tap to Phone only requires a smartphone.
2. Easy to Use: The app is simple, and anyone can learn how to use it quickly.
3. Faster Payments: Customers can pay in seconds by tapping their cards or phones. No more counting cash or waiting for change.
4. Safer Transactions: Digital payments reduce the risk of theft or fraud because there’s no cash involved.

With Tap to Phone, small businesses can grow and serve more customers without worrying about the cost of payment machines.

What Does This Mean for Customers?

Customers also benefit from this new system. Here’s how:

• No Need for Cash: You don’t have to carry cash around. Just tap your card or phone to pay.
• Faster Transactions: Payments are quick, so you don’t have to wait in long lines.
• More Options: You can pay with your Visa card or even your smartphone if it supports contactless payments.

This makes shopping and paying for services more convenient for everyone.

The Role of the Central Bank of Nigeria (CBN)

The CBN has been working hard to make Nigeria a cashless society. They have introduced policies to encourage digital payments, such as increasing the limits for contactless transactions.

The Tap to Phone system supports the CBN’s goals by making it easier for people to move away from cash. This is especially important for people in rural areas who may not have access to banks or PoS machines.

What’s Next for Contactless Payments in Nigeria?

More and more Nigerians are using smartphones, and this number is expected to grow from 40 million in 2023 to 143 million by 2025. This means systems like Tap to Phone will become even more popular in the coming years.

As more people adopt digital payments, Nigeria will move closer to becoming a fully cashless economy. This will make transactions faster, safer, and more convenient for everyone.

Access Bank’s History of Innovation

Access Bank has always been a leader in digital payments in Nigeria. For example:

• In 2015, they launched PayWithCapture, an app that allowed people to pay using QR codes.
• That same year, they introduced PayAttitude, another system for contactless payments.

These earlier innovations laid the foundation for the Tap to Phone system. Access Bank is committed to making payments easier and more accessible for all Nigerians.

Round Up

Access Bank’s Tap to Phone system is a big step forward for Nigeria’s payment system. It makes digital payments cheap, easy, and accessible for everyone, especially small business owners.

With this new system, Nigeria is moving closer to becoming a cashless society. This will help the economy grow and make life easier for both businesses and customers.

Access Bank has once again shown its commitment to innovation and financial inclusion in Nigeria. Tap to Phone is not just a payment system, it’s a tool for growth and progress.