MTN Launches Mobile Token
Mr. Michael Ikpoki (CEO, MTN Nigeria)
MTN Nigeria has launched MTN Token, a Mobile ID initiative being promoted by GSMA. The new product is a SIM-based authentication service that enables immediate and secure verification of subscribers’ digital identity and transactions via their mobile devices.
MTN Token will meet the needs of customers who want a fool-proof validation/authentication platform for performing services that include: cash-less payment on e-commerce websites, financial transactions on e-banking portals, card-less transactions on ATM Terminals, customer digital identity on websites hosting confidential information such as insurance, pension and taxation web portals and staff identity on workforce mobile service.
The General Manager, Products and Innovation, MTN Nigeria, Ms. Aisha Umar-Mumuni, said “MTN Token provides the highest level of security authentication available because it does not transmit the user’s authentication details on the Internet. MTN Token will drastically reduce the high rate of electronic fraud cases that cost the Nigerian economy over 40 Billion Naira in 2014.”
She further explained that ,with MTN Token, the user’s safety is always guaranteed because their password is not exposed anywhere online and only the user or identity owner knows the password. Even service providers (Banks, e-Commerce, MTN amongst others), would not have access to the password as it is stored only in the SIM, she stated.