Premier Bank , in partnership with Mastercard and Tappy Technologies , has announced the launch of Tap2Pay, a tokenisation-passive payment wearable. Through this move, Premier Bank secured its place as one of the first Somali Banks in Africa to introduce tokenised-passive payment wearables.

The solution, developed as part of a collaboration between Premier Bank, a financial institution providing personal and business accounts, mobile money, and financial solutions, among others, and Mastercard and Tappy Technologies, aims to provide secure and contactless transactions via wearable technology. The current news comes shortly after Mastercard launched real-time payments in South Africa, with the region benefiting from immediate card payments. This move was part of Mastercard’s broader strategy to optimise payment speed and security via product improvements, network optimisation, and strategic collaborations.

Everyday accessories turned into payment devices Integrating Near Field Communication (NFC) technology, the Tap2Pay wearables, which include eyeglasses, rings, wristbands, smartwatch straps, and phone cases, allow consumers to make payments by tapping their device at any compatible point-of-sale (POS) terminal, ATM, or NFC-enabled payment point. By launching these solutions, Premier Bank aims to optimise the consumer experience while advancing the capabilities of payments and financial inclusion in Somalia. Among the potential benefits, Premier Bank mentions: Increased security for consumers through tokenisation, as the technology replaces card information with encrypted tokens; Accelerated checkout experiences for merchants, which in turn drive customer satisfaction and operational efficiency.

In addition, this focuses on augmenting approval rates and contributing to scaling sales; Financial institutions can receive increased transaction volumes as the technology equips consumers with a dynamic and secure way to pay. When commenting on the announcement, representatives from Premier Bank underlined that the Tap2Pay solution intends to support the development of Africa’s financial sector, falling in line with global advancements in technology and optimising how individuals conduct payments. At the same time, officials from Mastercard highlighted that the partnership with Premier Bank and Tappy Technologies enables African consumers to benefit from safe and convenient payment solutions, allowing them to integrate technology into their everyday lives.

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