Touch and Pay is a cowry card payment system that is now on the list of the next batch of the W22 Y Combination acceleration program. This sums up the number of Nigerian tech startups in the program to 5.
The other 4 startups that made it to the list with full funding include IdentityPass, Topship, Moni, and Doja. The probability of having more Nigerian tech startups on the list is high as most of them are receiving great attention from the international community.
Touch and Pay (TAP) aims at utilizing the backing of the Y combination acceleration program to digitize cash-based transactions. Similarly, it hopes to expand into the African markets. This will create a true cashless ecosystem by clearing up cash across various sectors with the use of technology.
TAP is set to build a distinct mobile payment and services platform capturing online and offline transactions seamlessly. It will focus specially on the microtransactions process.
Brief about Touch and Pay
The company was founded by Olamide Afolabi and Micheal Oluwole beginning operations in 2017. TAP aims to reduce the amount of physical cash in circulation by encouraging the electronic means for payments of goods and services.
The company ventured into various sectors before settling for digitizing transactions in the transportation sector. As a result, they partnered with LAGBUS, a Lagos state transportation system known as BRT.
So far, the company has about 1.5 million Lagosians who are users of its cashless rides. They are also using its recently launched cowry cards as means of payment for BRT buses.
Being on the W22 Acceleration Program
Upon the inclusion of the company in the W22 acceleration program, the CEO and co-founder of the company, Oluwole Afolabi said,
” Touch and Pay have plans of digitizing the entire informal market with contactless cards. Perhaps, true financial inclusion can be achieved this way”
The company is set to change the payment structure in Nigeria and across Africa by encouraging financial inclusion. In addition, ensuring 99.9% reliance on cashless transaction processes in all the sectors of the Nigerian economy.