Access Bank Introduces ‘Tap to Phone’ to Challenge PoS Dominance

Access Bank, in partnership with Visa, has launched Tap to Phone, a contactless payment solution designed to transform NFC-enabled Android smartphones into payment terminals. This move could disrupt Nigeria’s traditional PoS-dominated payment landscape by eliminating the need for additional hardware.

A Growing Shift Toward Contactless Payments

With the rise of cashless transactions, Nigerian merchants have increasingly relied on PoS terminals to process payments. However, Tap to Phone will present a more flexible alternative—allowing businesses to accept Visa card payments by simply tapping a customer’s card against their smartphone.

This initiative aligns with a broader trend in Africa, where financial institutions are racing to expand contactless payment solutions:

In Kenya, Interswitch and Tuma launched a similar system in 2024. In Nigeria, Moniepoint and PalmPay, in collaboration with AfriGO, introduced five million contactless payment cards.

A Strategic Push by Access Bank

Access Bank has been exploring contactless payments for nearly a decade. Back in 2015, the bank introduced PayWithCapture, a QR-based payment app, and later partnered with Unified Payments to launch PayAttitude, an NFC-enabled contactless payment product.

Now, with Tap to Phone, the bank is doubling down on frictionless transactions, offering merchants a simpler and more cost-effective way to receive payments.

What This Means for the Market

For merchants, Tap to Phone offers a way to cut costs by removing the need for dedicated PoS machines. For customers, it provides a seamless, quick, and secure way to make transactions. But its success will depend on merchant adoption, smartphone affordability, and public awareness.

As contactless payments gain momentum, Access Bank’s latest move signals a shift in Nigeria’s payment landscape—one that could redefine how businesses handle transactions in the coming years.