Access Bank and Visa Launch ‘Tap to Phone’ to Drive Contactless Payments in Nigeria

Access Bank, in partnership with Visa, has introduced Tap to Phone in Nigeria, a groundbreaking solution that enables merchants to accept contactless payments using NFC-enabled Android smartphones.

According to a statement seen by Techpoint Africa, the new feature transforms Android devices into payment terminals, allowing merchants to receive Visa payments by simply tapping a card on their phone. This eliminates the need for additional hardware such as PoS machines, making transactions more seamless and accessible.

This move aligns with the growing trend of contactless payment solutions across Africa. In September 2024, Interswitch partnered with Tuma to launch a similar system in Kenya. Meanwhile, in Nigeria, Moniepoint and PalmPay have teamed up with AfriGO to roll out five million contactless payment cards. Other fintech players like CashAfrica are also gaining traction in this space.

South Africa has witnessed similar advancements, with Visa collaborating with iKhokha to enable small businesses to accept card payments via mobile devices, improving transaction tracking and sales management.

The Central Bank of Nigeria (CBN) has played a key role in fostering contactless payment adoption by issuing new guidelines and increasing transaction limits to support the country’s cashless economy goals.

Access Bank has been at the forefront of contactless payment innovation for nearly a decade. While challenges such as regulatory gaps, trust issues, and infrastructure limitations remain, the increasing adoption of contactless solutions suggests a promising future for digital transactions in Nigeria.

If widely adopted, Tap to Phone could revolutionize Nigeria’s financial ecosystem by reducing reliance on cash and improving financial inclusion. However, its success will depend on the rate of smartphone penetration among merchants. As of 2023, estimates from Statista place the number of smartphone users in Nigeria between 25 million and 40 million, with projections reaching 143 million by the end of 2025.

With strong regulatory backing and growing smartphone usage, Access Bank and Visa’s Tap to Phone initiative marks a major milestone in Nigeria’s digital payment evolution.