The rise in
innovation in the payments ecosystem has seen players in the industry design
more products and solutions that address existing customer needs and enhance
user experience. This has resulted in an increasing number of adopters of
digital payment systems.
Industry players
have recognized the need for a more financially inclusive society, driving them
to develop intuitive consumer-facing solutions and products. Some of these
products and solutions were unveiled at the recently concluded Techconnect 2.0.
Organized by Africa’s
leading integrated payments and digital commerce company, Interswitch, the
Techconnect event brought together stakeholders in the payments ecosystem in
Nigeria to discuss important issues impacting the ecosystem, with reflections
on current realities and the way forward.
These
stakeholders cut across sectors such as banks, fintechs, telcos, micro-finance
banks, among other institutions. To address this customer segment, Interswitch
rolled out eight products that will enable end users enjoy seamless payment
experiences through services provided by players in the financial services
industry.
The products
unveiled by Interswitch at the event are Fintech-in-a-Box; ;
Banking-as-a-Service (Baas); Payment-as-a-Service (Paas); Interswitch
Security-as-a-Service; Mobile Banking-as-a-Service and Biometrics on POS, and
Value Financing.
These products
and solutions, according to Interswitch, were designed to help financial
institutions and other payments service firms expand their service offerings.
For example, the Mobile Banking-as-a-Service (MBaaS) was designed to
democratize payments and deepen financial inclusion, making it easier for the
average Nigerian to make and receive payments.
Explaining
Interswitch's motivation for unveiling these products and solutions, Akeem
Lawal, Managing Director, Interswitch Purepay, noted that Interswitch remained
committed to "continuously supporting the growth of the financial services
sector through its innovative products and solutions."
The solutions
and products, Lawal said, were created to help improve how institutions
interact with their customers, ensuring that not only do these end users
experience convenient digital payment services, but that they do this with
added layers of security that keep them out of digital harm’s way.
One of such
solutions that guarantees the security of users’ data and funds is the Interswitch Security As A Solution (ISaaS)
that provides financial institutions with the ability to curb incidences of
fraud in the digital payments ecosystem.
As a
forward-thinking technology company with about 20 years in the payments
business, Interswitch has continued to push the frontiers of innovation,
designing solutions and creating open-source platforms for developers and
institutions to satisfy the payments needs of consumers.
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