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.