Eyowo unveils digital first Mastercard

Eyowo, a digital bank, has unveiled its digital first payment offering, the Better Card, aimed to better meet the needs of the present generation using their smartphones or the internet to carry out their daily tasks, from ordering meals to scheduling doctor’s appointments.

As one of the pioneer partners in Nigeria to join Mastercard’s Digital First Card Program, Eyowo said it offers its customers a world-class digital banking experience. This includes digital access to card information, unsurpassed payment security, and availability of a variety of payment options (e-commerce, contactless, and QR) from any digital device of their choice.

Better Card, which is powered by Providus Bank and certified by MasterCard, gives customers a seamless payment experience and safely eliminates the risk of card fraud by storing their payment credentials in the Eyowo X mobile app.

Eyowo said its customers could conveniently apply online and obtain their Better Card digitally, including the 16-digit card number and expiration date. When activated, the digital cards can be used with digital wallet services to make purchases online, in apps, and in-person.

Customers will also receive an innovative physical card that offers the ultimate level of protection against identity and financial information theft because it does not include sensitive data like the card number and expiration date.

“We want to give our customers the freedom to spend without worrying about losing their hard-earned money by providing a card that keeps their money safe,” said Ope Adeyemi, VP, Eyowo Products .

“To achieve this, we simply removed the card number and the expiry date on the physical card and made it accessible only via Eyowo X. We thought that this was the single most important improvement that had to be made to the debit card, which is widely known as a predominant channel for account-takeover fraud,” Adeyemi said.

Better Card is integrated into the Mastercard Digital First Program. It is part of Mastercard’s efforts to improve the safety and security of contactless and online banking transactions by offering expert guidance to fintech and issuing banks to create end-to-end digital payment options at scale.

“Mastercard is committed to bringing 1 billion people into the digital economy by 2025 and ensuring safe and secure digital payment plays a big role in that,” said Kari Tukur, vice president, product management at Mastercard.

“In a boundless digital environment, Mastercard has long understood that it is not enough to secure the payment transaction alone but that the safety net must widen to encompass every touch point along the journey. We weave that expertise into our Digital First program, ensuring the highest standards of innovation, quality, security, and privacy,” Tukur said.

Eyowo aims to redefine each user’s understanding of investing, spending, and saving in order to assist people in developing a better relationship with money.

Through the daily summary it offers, the Eyowo X mobile app provides users with curated knowledge of their card transactions, enabling them to better manage their spending and develop prudent financial habits. Along with other in-app capabilities, this one enables users to manage numerous bank accounts, monitor and manage their spending, and increase their savings. The Eyowo X mobile app, which could be downloaded from the Apple iOS App Store and the Google Play Store, is now available to the public and has already delivered Better Card to 500 users in the first phase of the release.