What is contactless payment.

PHIPEX:
I noticed this nonsense today on my account. This is another policy somersault. This people are only interested in frustrating Nigerians.

How do you peg my daily transfer to 50k meaning we should all return to queuing in the banking hall? Why are we returning to 1990 Banking system instead of going forward?

The policy doesn't make much sense to me either, if it includes token enabled transactions, credit and debit transactions.

Oya someone come and explain o, it is okay in a sense because of fraudulent activities in Banks but the real issue is still identification ..People steal other people's ID in connivance with the banks and it is worst when you are a Politically Expose Person, your money would just be entering basket, especially if you have a lot of dependant that you are contactless with .

I now understand better..

OK

We are not interested in the technical language. Just tell us if we are sliding back to cashless policy

iSense247:
This is preposterous. They should have given us reasons for this policy. 15k per transaction and 50k per day is too low in this inflation economy.

It's sad that government is controlling how we spend our own money.

You can spend higher - but you'll need to go to the bank to fill out some forms.

I pray that you people should not act like Emefiele, mind you the country we are is not as easy as that pls calm down to the level of those you are dealing with.... I MEAN THE FG.

PHIPEX:
I noticed this nonsense today on my account. This is another policy somersault. This people are only interested in frustrating Nigerians.

How do you peg my daily transfer to 50k meaning we should all return to queuing in the banking hall? Why are we returning to 1990 Banking system instead of going forward?

What they mean by contactless payment, is the one you use eg your phone that is nfc compatible, your bank atm card, your watch etc to touch eg an enabled POS machine, vending machine, ticketing machine etc and instantly payment is made without you imputing pin or sloting in a payment card.
When next you use a POS machine, check the top, you will see nfc written on the newer ones. It is there you touch your phone or card, instantly it beeps and money is taken.
In the uk, the cap on nfc transactions is 100 Pounds, I think per trasaction.
Cbn just released the cap on nfc newly being activated in Nigeria.
I just did a regular bank transaction few minutes ago from my Fcmb to Zenith Acc of well more than 50k and it went.

Is this not one of the reasons everyone is happy about what's happening to Emefuel, the former CBN governor?

Bebigiby1:
Before the 2023 presidential election, I warned Nigerians about the consequences of allowing Tinubu and APC's evil government to continue, many in this forum didn't listen but continue to support the evil government. This new policy is not so different from policies under Emefiele that led to the current economic disastrous situation we are facing today. Until Nigerians decide to overlook tribe, religion and fight these evil leaders things may get worse.... As it stands it is not getting better....

This policy just like the naira swap policy will violate people's right to spend and earn. It will further destroy Nigeria's economy....

your analysis has addressed only one view or drawback of this monetary policy. and it is a negative impact.

are there positive impact of the policy?

from the policy formulation presentation it appears that the CBN desire to have people showing up at there bank banking halls more regularly. it is pretty obvious that most people don't visit banking halls often as personal banking transactions are going through internet nowadays.

as many good people are doing internet transactions so also very bad people are also employing the internet banking facilities and systems to defraud and injure many people that comes into the dragnets of Nigerian criminals.

just imagine a situation where you are a person under kidnappers den and they captured you with your ATM cards and you have good enough money in your bank accounts. your kidnappers will drain the accounts before your account officer know what is going on with you and your account. a friend of mine lost a lot of money recently for this reason.

another one is members of the Nigerian police at roads check points demanding ATM cards from people and thereby withdraw money under duress from detainees .

slowing down the rate of money withdrawal from bank accounts can not affect a business negatively as long as your business partners or customers are aware that the money will come soon. a good business man does not go about with cash. payments for goods and services within one week of delivery of goods and services is always considered excellent as it is within time frame of business plans.

cash cash now now business are for starters and very small concern. I will also like to think that only criminals and criminal mindset will find it difficult to adjust real business to this CBN attempts to slow down heavy cash movements and the monitoring of use of money in the Nigerian economy.

airsaylongcome:


You say?

Stop na!!!... Belle don dey pain me from laugh!

donproject2:


They said contactless payment, is the English used so difficult for you to decipher?

STFU and face front

Someone explain this to me like you would a 10year old..
Thanks..

wolesmile:
Nigerians will not cease to disappoint due to their half baked Knowledge. Instead of them to seek to understand what contact contactless payment is before commenting, they'd rush to the comment section to spew trash all because they want to talk down on government policies.

I don't see anywhere u made an attempt to educate anyone on what "contactless payment" is but you chose to sound like you were born with the knowledge. How are u now better than those u condemn?

Angelfrost:


No need to be condescending... Hardship don already too much!

If you know better, make others that are less knowledgeable understand!

Besides, Albert Einstein once said and I quote:

"If you can't explain it to a six-year-old, then you don't understand it yourself”

I think that was Feynman not Einstein

Sablexxxtoons:
The question is what is contactless payment.

Exactly. People shd try and read the post before concluding that they have limited their daily transactions.

Contactless payments is most likely starting soon in Nigeria whereby u just put ur atm card near d pos machine and transaction is completed. No need of inserting d card inside pos or inputing any pin.
Not sure any bank have started it in Nigeria yet. So i guess it’s a new development.

Tannhauser:


I think that was Feynman not Einstein

Really??!... Well, Most archives and quote sites attribute it to Einstein!

lexy2014:


I don't see anywhere u made any attempt to educate anyone on what "contactless payment" is but you chose to try to sound like you were born with the knowledge. How are u now better than those u condemn?

You're welcome. Love you too

lexy2014:


I don't see anywhere u made any attempt to educate anyone on what "contactless payment" is but you chose to try to sound like you were born with the knowledge. How are u now better than those u condemn?

Don't mind him... I just corrected another one above.

Pointless Arrogance is a disease of the average Black man!

Sablexxxtoons:
The question is what is contactless payment.

Exactly, as I saw pre-paid cards aka ATM cards na him I know say this people never ready.

What I'm quite sure of is NFC is purely contactless but I doubt that of ATM cards.

PHIPEX:
I noticed this nonsense today on my account. This is another policy somersault. This people are only interested in frustrating Nigerians.

How do you peg my daily transfer to 50k meaning we should all return to queuing in the banking hall? Why are we returning to 1990 Banking system instead of going forward?

You guys should always read before commenting. This for contact less payments not the regular transfers and cards transactions. Even in UK you can't do more than £100 per transaction

CBN wahala no too much on top people money so....hiaaaa

Bebigiby1:
Before the 2023 presidential election, I warned Nigerians about the consequences of allowing Tinubu and APC's evil government to continue, many in this forum didn't listen but continue to support the evil government. This new policy is not so different from policies under Emefiele that led to the current economic disastrous situation we are facing today. Until Nigerians decide to overlook tribe, religion and fight these evil leaders things may get worse.... As it stands it is not getting better....

This policy just like the naira swap policy will violate people's right to spend and earn. It will further destroy Nigeria's economy....

The present cashless banking still exist.

This is simply an addition to it. It simply means that your card for instance does not need to touch the POS machine. You may just hover it above it and pronto,,,,,,

It is always best to be patient.

tumababa:


Exactly. People shd try and read the post before concluding that they have limited their daily transactions.

Contactless payments is most likely starting soon in Nigeria whereby u just put ur atm card near d pos machine and transaction is completed. No need of inserting d card inside pos or inputing any pin.
Not sure any bank have started it in Nigeria yet. So i guess it’s a new development.

i dont think its secure. Someone can get your card and make payment.

Fcwilly:
Everyday with new grammar

contactless transactions are done when you use your GSM phone to transact business and money services for payments without you going to your bank banking halls.

money or business transactions done by you without your meeting your bank accounts officers.

in short, money transactions done with your bank account through electronic devices without your official bank officer.

I hope you have gained some knowledge of contactless contacts banking transactions.

GWMI:
You people can't stop speaking nonsense na wa o

They should have asked for the meaning of "contactless payment" in the first place. If na to chop free female h*le now dem go understand. Yeye people people; educated illiterates!!! No mind them,sir.

CodeTemplar:
Tinubu and his "owo mi da" reforms.

It’s high time Atiku or Obi claim their mandate, APC clueless policies continue , are you saying I can’t buy more than 30 Litres of fuel at 500 per little as I can’t spend than 15k

Goalnaldo:
i dont think its secure. Someone can get your card and make payment.

They can’t make payment without your pin/password

Lol

kingsways:
Nigerian bankers are the most brilliant set of Nigerians


Nigerian backing industry are the most innovative in the world

Goalnaldo:
i dont think its secure. Someone can get your card and make payment.

Same feature is used in developed countries. Its for fast payment. That’s why its 50k limit per day.in uk its even 100£ per day. You should also be able to deactivate it on the mobile app.

CBN is clueless

adenigga:


Source: https:///CBN-Sets-N50000-As-Daily-Limit-On-Contactless-Payments