Premier Bank, in partnership with Mastercard and Tappy Technologies, has introduced Tap2Pay, becoming the first Somali bank in Africa to offer tokenized, contactless payment wearables.
This innovative solution marks a significant advancement in the continent’s payment ecosystem, enabling safe and seamless transactions through wearable technology.
The Tap2Pay solution integrates Near Field Communication (NFC) technology into everyday items such as eyeglasses, rings, bracelets, smartwatch straps, and phone cases.
Customers can now make quick, secure purchases by simply tapping their wearable devices at any compatible POS terminal, ATM, or NFC-enabled payment point. This not only enhances the consumer experience but also sets a new benchmark for frictionless payments, contributing to increased financial inclusion in Somalia.
“The Tap2Pay solution is a groundbreaking step in Africa’s financial sector. It aligns with global technological advancements, transforming the way we make payments. We see technology as essential in enhancing financial security and simplifying life—and now, it’s part of your everyday wear,” said Dr. Mohamed Ghedi Jumale, CEO of Premier Bank.
Tap2Pay wearables are powered by tokenization, which replaces sensitive payment information with a unique encrypted token stored securely on the wearable device. This method ensures payment security while providing convenience by minimizing exposure to cardholder data.
Mark Elliott, Division President for Africa at Mastercard, commented: “Tokenization is at the core of next-generation, secure, contactless payments. This collaboration with Premier Bank and Tappy Technologies brings safe, innovative payment solutions to African consumers, empowering them to integrate technology effortlessly into their daily lives.”
As the global wearables market is projected to reach $80.39 billion by 2030, Premier Bank positions itself at the forefront of Africa’s digital transformation. Suboor Ahmed, COO of Tappy Technologies, highlighted the immense potential of Africa’s growing digital adoption, stating: “Our wearable payment technology, developed in collaboration with Premier Bank and Mastercard, is poised to meet the demand for convenient payment solutions. We are excited to be leading this digital transformation.”
Prashanth Dappula, Chief Product Officer at Tappy Technologies, added: “Our collaboration underscores our commitment to innovation and financial inclusion, enabling consumers to embrace the future of digital payments with secure, tokenized wearables.”