Visa Cards is planning to introduce tokenisation and mPOS services customized for the needs of the Nigerian market.
The service is already available for European financial institutions since mid-April 2015.
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The tokenisation service safeguards client data, replacing the payment account information found on a plastic card with a series of numbers that can be used to authorise payment, mainly online, without exposing actual account details.
Speaking at Visa Card-Bloggers meeting #VisaTechFeed, the company’s country manager for West Africa Ade Ashaye said financial institutions in Nigeria and West African region in general, will be able to respond to the rapidly changing environment, providing their customers with more convenient and secured payment models in a cost-effective way.
"Your money matters to us. That’s why we keep finding ways to secure your Visa card from fraudsters. So, Tokenization is an upcoming technology that protects your Visa card number when shopping online," he added.
"Challenges some of our Nigerian customers face include some merchants not trusting the country but we are overcoming this," Ashaye added.
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By GlobalData
