Interswitch in collaboration with Providus Bank, has emphasised the need for heightened focus on security in the payments ecosystem, as part of efforts to foster a safer, more inclusive payments ecosystem.
This submission was made at the official unveiling of the tokenization solution jointly developed by Interswitch, Providus Bank, Mastercard, and Thales, where industry experts also gathered to discuss current and future trends in the payments space.
One of the key trends highlighted at the event was the demand for more convenient, accessible, and secure means of conducting everyday financial transactions by consumers, a trend which had prompted the introduction of the tokenization solution, with the aim of encouraging more Nigerians to accept cashless transactions.
The managing director, Digital Infrastructure and Managed Services, Interswitch Group, Jonah Adams, explained that, the collaboration that birthed the tokenization was crucial, as it opened up realms of possibilities in the payments ecosystem, not only within Nigeria but in Africa as a whole.
He noted that the tokenization solution was a first-of-its-kind solution in West Africa and the sub-Saharan region, with everyday transactions happening at the speed of thought, and posited that it would transform the payment space and merchant acquiring space.
According to him, tokenization as a solution was designed to enable more personalised, speedy, secure and convenient payment interactions.
Speaking during the panel session on the need for timely solutions such as tokenization, Group head, Business Development, Interswitch Purepay, Babatunde Okufi, emphasised the need for fintechs and financial institutions to design more innovative and intuitive solutions that keep the funds and data of end users safe.
He said: “the emergence of COVID-19 shifted consumer behaviour, and as more consumers get on the digital payments train, there will equally be more fraud cases. Fraudsters innovate, and players in the payments space should also innovate to ensure that they gain higher grounds on these cyber attackers.”
Okufi noted that, to curb the prevailing cases of e-fraud, rules have been instituted. These rules include; the introduction of transaction limitations, leveraging Artificial Intelligence (AI), and effective fund transaction tracking between sender and receiver.
Divisional head, eBusiness, Providus Bank, Frank Atat, proffered that partnerships between key stakeholders remain crucial in helping to improve payment convenience and reduce cyber threats through the deployment of cyber tools.
Atat noted that with more stringent safety measures, consumers would increasingly adopt digital payment methods.
Also, regional manager, Product Sales-Cyber & Intelligence Solutions (West Africa), Mastercard, Peter Ehizogie stated that consumers would naturally gravitate towards digital payments once they are able to trust payment platforms with their funds.
“Collaborations between players in the payments space will aid the widespread adoption of digital payment, and this can only be achieved when we have gained the trust of these consumers,” Ehizogie said.
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