Press Release
September 8, 2024

Premier Bank Launch the “Tap2Pay – NFC Wearables” – A First-of-Its-Kind Payment Solution in the country. 

Mogadishu, Somalia – Premier Bank proudly announces the launch of “Tap2Pay – NFC Wearables,” a pioneering payment solution that is the first of its kind in the country and the second to be launched on the continent. This new technology brings the future of secure, contactless payments to Africa, 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.

Mr. Gedi Jimle, CEO of Premier Bank, commented, “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.”

Key Features of Tap2Pay – NFC Wearables:

• Enhanced Security: The 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’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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