Interswitch introduces additional payment security
Interswitch, a Nigerian integrated payment and transaction processing company, has introduced Safetoken, which triggers One-Time-Passwords (OTP) when customers are performing payment transactions on the internet using their cards. The system generates a 6-8 digit One-Time-Password (OTP) whenever a transaction, meeting some criteria set by the issuer of the card, is initiated via the Interswitch Web Payment Platform, Webpay.
The Safetoken solution is in compliance with the Central Bank of Nigeria’s (CBN) policy on the mandatory tokens for some web payments.
The OTP is an additional level of authentication of customers when using their cards over the internet. It provides added security for the cardholder and protects customers against unauthorized usage of their card on the internet.