Partnership Deal: FCMB, NetPlusDotCom, & MasterCard Debut The “Tap on Phone” Software POS

In a tech sphere where more than three can play, the likes of NetPlusDotCom, First City Monument Bank (FCMB), and MasterCard have reportedly co-signed a commitment to developing a point of sale software. This collaboration between the prominent technology service providers evades building hardware devices to lead electronic/contactless payment solutions, yet the trio dubbed the soft POS infrastructure the “Tap on Phone”.

Tap on Phone – a contactless payment Infrastructure branded as a software-based payment Infrastructure that allows users such as merchants, individuals, and others complete payment transactions without physical contact and on sight POS devices. The name of FCMB branded soft POS preaches about the prior CBN cashless policy to access a seamless cash transaction via available smart devices such as smartphones, tablets, and desktops.

MasterCard Country Manager & Area Business Head, West Africa, Ebehijie Momoh, comments confirmed the trio musketeers’ commitment to introducing their brand of software-based payment
solutions. “We are delighted to announce the launch of our innovative solution in Nigeria in partnership with First City Monument Bank.”

The software POS system is built to support FCMB customers’ network cash from users’ bank accounts via MasterCard electronic payment Infrastructure, while NetPlusDotCom developed the software. Still, the trio has intertwined benefits as expected whereby the Tap on Phone platform is focused on communicating with customers with contactless cards to maximize revenue by adopting software base innovation.

On the other end, FCMB Divisional Head, of Payment and Solutions, Mr. Frank Atat, confirmed the commitment of the trio and said: “Mastercard and Netplus will support in deploying the Tap on Phone contactless payment solution aligns with FCMB’s value as a customer-centric institution committed to providing innovative offerings that conveniently meet the evolving needs of individuals and businesses in a digitally changing world.”

The contactless payments infrastructure the trio built does not require users to invest in a real-time hardware Point-of-Sale (POS) device or the software POS platform. Tap on Phone is an automated service that functions seamlessly by activating the Near Field Communication (NFC) connectivity on the device installed with the soft POS system.

“As a frontrunner in the digital payments industry, we recognize our responsibility to introduce cost-effective solutions that benefit everybody in the economy and facilitate the adoption of a cashless society for the collective benefit of all.” Momoh continued elaborating on the partnership and their “commitment to connecting the millions of Nigerians into a world where digital connectivity is integrated into their daily lives, making their lives easier and simpler.”

The device’s NFC connectivity activates to communicate with customers’ contactless payment cards as the nature of the platform implies which allows the soft POS to continue processing payments via MasterCard FinTech network with ease. The soft POS has a seamless interface that allows users to click Tap and input a password to network payment solution via Tap on Phone.

The service routes transactions over existing Mastercard rails via the Nigeria Inter-Bank Settlement System (NIBSS) and requires customers to enter a unique 4-digit PIN for authentication and authorization, ensuring security and compliance with local regulation.

Frank Atat, Divisional Head of Payment and Solutions at FCMB, said:

“As almost all aspects of our lives become virtual, there is a need to continuously proffer convenient solutions that will cater to the transacting needs of our customers and Nigerians. Our partnership with Mastercard and Netplus to deploy the Tap-on-Phone contactless payment solution aligns with FCMB’s value as a customer-centric institution committed to providing innovative offerings that conveniently meet the evolving needs of individuals and businesses in a digitally changing world.” 

NetPlusDotCom added:

“At NetPOS, we are excited to partner with leading financial institutions—Mastercard and FCMB—to launch yet another innovative solution in Nigeria. With this platform, MSMEs who are otherwise excluded from Acceptance solutions will be able to leverage digital services to grow their business. We look forward to providing the needed support to drive the adoption of this solution in Nigeria and adjacent markets.”

This rollout is part of Mastercard’s commitment to bring 1 billion individuals and 50 million micro and small merchants into the digital economy by 2025 by driving mobile-first, contactless payment adoption across emerging markets