Interswitch and Banks Promote Tap-to-Pay as Payment Alternative

Interswitch, in collaboration with its banking partners, is promoting tokenised payments that enable customers to pay for goods and services by tapping compatible phones and devices at terminals. This technology is being positioned as an alternative to traditional bank transfers and physical card payments.

The initiative aims to expand the use of digital payment methods, with wider adoption contingent on the availability of compatible payment terminals, participation from banks and merchants, and customer acceptance.

The push for tap-to-pay solutions follows recent developments in the financial sector, including notable corporate actions such as Air Peace Boss Onyema Hailing Fidelity Bank’s financial strength after repaying a $400m Eurobond.