Interswitch designs new products to simplify payment industry

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Interswitch designs new products to simplify payment industry
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Digital payment and commerce solution company, Interswitch Group, has launched an array of innovative products to boost the payment industry in Nigeria.

The new products will simplify digital payments and provide more secure payment solutions to financial institutions, Small and Medium Scale Enterprises, SMEs, merchants and their customers.

The services unveiled include an enhanced Biometrics feature for Point of Sale, PoS terminals & Automated Teller Machines, ATMs; Tokenization and Card Fusion, with the services addressing digital payment fraud, problems with card issuance and portfolio management.

The Managing Director, Payment Processing and Switching (InterswitchPurepay), Interswitch, Mr. Akeem Lawal, said the company in collaboration with Sterling PRO, designed the Biometrics on PoS and ATMs to protect customers against digital payment fraud and to avail them faster and more convenient ways to validate payments.

The solution utilises physiological features unique to everyone such as fingerprints, voice, and facial features to verify payment transactions.

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He said Tokenization on the other hand, replaces sensitive data such as the 16-digit account information with a unique digital identifier known as a token.

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