First Tokenized Payment Wearables in Africa

Premier Bank has partnered with Mastercard and Tappy Technologies to introduce Tap2Pay, a pioneering solution that positions the bank as the first Somali bank to offer tokenized-passive payment wearables.

The innovative advancement is a significant milestone for Africa’s payment ecosystem, providing consumers with a secure, contactless payment method through advanced wearable technologies.

The Tap2Pay wearables use Near Field Communication (NFC) technology, seamlessly integrating into everyday accessories such as rings, wristbands, eyeglasses, smartwatch straps, and phone cases.

This allows users to make quick and secure payments simply by tapping their wearable at any compatible point-of-sale (POS) terminal, ATM, or other NFC-enabled payment locations.

“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,” stated Dr. Mohamed Ghedi Jumale, CEO of Premier Bank.

We see technology as a crucial component in enhancing financial security and making life easier, and now it’s part of your daily wear.

Mark Elliott, Division President for Africa at Mastercard, emphasized the importance of tokenization in secure, contactless payments. “By replacing sensitive data with encrypted tokens, we are ensuring that consumers can pay with confidence. This collaboration is essential in bringing safe, convenient, and innovative payment solutions to African consumers, empowering them to integrate technology seamlessly into their everyday lives.”

Tokenization minimizes risk by replacing sensitive payment information with unique, encrypted tokens stored securely on the wearable device. This process significantly enhances payment safety and convenience by eliminating the need to expose cardholder information.

As the global wearables market is projected to reach $80.39 billion by 2030, Premier Bank is strategically positioning itself at the forefront of Africa’s digital transformation. This launch is poised to accelerate the adoption of digital payment methods and bolster financial inclusion, pushing Africa towards a more connected and digitized future.

“Africa’s burgeoning market, marked by rapid digital technology adoption and a growing demand for convenient payment solutions, presents an extraordinary opportunity for innovative tech providers like Tappy,” remarked Suboor Ahmed, Chief Operating Officer at Tappy Technologies. “We are excited to lead the charge in this digital transformation, with our wearable payment technology developed in collaboration with Premier Bank and Mastercard, set to fulfill this demand and unlock vast potential.”

Prashanth Dappula, Chief Product Officer at Tappy Technologies, added, “Our partnership with Premier Bank and Mastercard reflects our commitment to innovation and financial inclusion. By launching secure, tokenized payment wearables, we empower consumers to carry out everyday transactions with ease, embracing the future of digital payments.”

Benefits Across the Ecosystem:

• For Consumers: Tokenization guarantees top-tier security by replacing card information with encrypted tokens, providing peace of mind and convenience as payments become an effortless part of daily routines.
• For Merchants: The solution facilitates faster checkout times, improving customer satisfaction and operational efficiency, with better approval ratings leading to increased sales.
• For Financial Institutions: As a pivotal wallet feature, this technology boosts transaction volumes by providing a dynamic and secure payment option, thereby enhancing customer loyalty.

With its emphasis on security, rapid transactions, universal connectivity, and hygienic, contactless payments, the launch of Tap2Pay establishes a new standard for secure payment solutions across Africa.