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Premier Bank launches ‘Tap2Pay NFC Wearables’ in Somalia, a first in the country

Premier Bank Head of Operations Mahad Ahmed (left) and other departmental heads in the background, engage guests during the launch of the bank's Tap2Pay NFC Wearables payment system in Mogadishu, Somalia, on October 8, 2024.

Photo credit: Premier Bank

Premier Bank has launched the “Tap2Pay NFC Wearables” payment solution in Somalia, a first of its kind in the country. This new technology brings the future of secure, contactless payments to the region, providing users with an effortless way to make transactions.

The Tap2Pay NFC wearables leverage Near Field Communication (NFC) technology, seamlessly integrated into everyday accessories such as eyeglasses, rings, wristbands, smartwatch straps, and phone cases. These stylish wearables enable customers to make swift, secure payments by simply tapping their wearable device near any compatible Point of Sale (POS) terminal, ATM, or other NFC-enabled payment points.

“The Tap2Pay solution signifies a groundbreaking step in Somalia’s financial sector, aligning with global advancements in technology and transforming the way we make payments. We see technology as a crucial component in enhancing financial security and making life easier, and now it’s part of your daily wear,” said Premier Bank CEO, Mr Gedi Jimle.

Key features of Tap2Pay NFC wearables

  • Enhanced Security: Tap2Pay devices store payment information securely, protecting it from theft or duplication.
  • Faster Transactions: Transactions are completed swiftly with a simple tap, offering a quicker alternative to traditional payment methods.
  • Universal Connectivity: The wearables are integrated with major global financial networks, enabling customers to make instant purchases anywhere, anytime.
  • Hygienic and Contactless: In the post-Covid-19 world, contactless payment methods are more essential than ever. Tap2Pay wearables allow users to make payments without any physical contact, ensuring better hygiene and safety.

Premier Bank heads of departments during the launch of the bank’s Tap2Pay NFC Wearables payment solution in Mogadishu, Somalia, on October 8, 2024: They are from left, Mahad Ahmed, Head of Operations; Mohamed Ali, Manager of Corporate Banking; Ahmednur Mohamed, Head of Public Relations; Abdishakur Afrah, Head of Business; and Zakaria Ahmed, Manager for Card Operations.

Photo credit: Premier Bank

Premier Bank’s commitment to electronic payments underscores its goal to develop a “cashless society” in Somalia, fostering financial inclusion and aligning with modern global financial practices.

The Tap2Pay NFC wearables not only enhance the consumer experience but also offer significant benefits to merchants. The ease and speed of these payments can help drive business revenue, attract tech-savvy customers, and integrate seamlessly with existing POS systems for more efficient transaction processing.

The wearable payment market is rapidly expanding, with its valuation expected to reach $80.39 billion by 2030. In the current year, 2024, it is projected that over 1.1 billion wearable payment devices will be in use globally. Premier Bank aims to lead this transformation in Africa by driving the adoption of NFC payment technology and actively participating in this market’s growth.

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