Access Bank, in collaboration with Visa, has launched the Tap to Phone payment solution in Nigeria, allowing merchants to accept contactless payments directly on their NFC-enabled Android smartphones. The initiative eliminates the need for traditional Point-of-Sale (PoS) terminals by enabling businesses to receive payments simply by tapping a Visa card on their phones.
According to Access Bank, this move aligns with the growing adoption of contactless payment solutions across Africa. In Kenya, Interswitch and Tuma introduced a similar system in September 2024, while in Nigeria, Moniepoint and PalmPay have partnered with AfriGO to roll out five million contactless payment cards. Other fintech firms, such as CashAfrica, are also expanding their services in this space.
The Tap to Phone solution not only simplifies transactions for businesses but also reduces costs associated with acquiring PoS hardware. Merchants can start accepting payments by simply downloading an app on their smartphones.
Visa has deployed similar technology in South Africa through a partnership with iKhokha, enabling small businesses to accept card payments via mobile devices while also benefiting from sales tracking and transaction history features.
In Nigeria, the Central Bank has been pushing for a cashless economy by introducing guidelines and raising transaction limits for contactless payments. Access Bank, which has been developing contactless payment solutions for over a decade, sees this as a key step in driving digital transactions across the country.
