CBN Sets N50,000 As Daily Limit On Contactless Payments - Business (4)

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CBN Sets N50,000 As Daily Limit On Contactless Payments - Business (4) - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN Sets N50,000 As Daily Limit On Contactless Payments (49576 Views)

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Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by EquitableTech: 9:41pm On Jun 28, 2023

airsaylongcome:

You say?

me sef fear o!
na "Reeks" the guy wan use o

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Jonegonu: 9:42pm On Jun 28, 2023

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?

before you complain hope you understand what contact less payment system mean

4 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by famology(m): 9:43pm On Jun 28, 2023

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?

Your level of ignorance is a threat to national security. Why not ask questions instead of fooling yourself in public?

4 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by slimstanakacns(m): 9:44pm On Jun 28, 2023

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 don't understand what contactless payment is all about, it's commonly used in most western world and its an easy means to pay even using ur mobile devices Via NFC

3 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by EquitableTech: 9:45pm On Jun 28, 2023

obailala:

This is for contactless payments, not your regular transfer or card payment.

With contactless payment cards, all you need do is bring your card close to a compliant POS machine and payment would be automatically taken from your card without you having to insert the card in the machine or inputting your pin. [s]Contactless payments don't exist in Nigeria YET;[/s] I'm guessing they're just about to introduce it. But I doubt it would work in Nigeria though, especially given the sheer number of fraudsters we have.

It does exist.
Fist Bank has introduced contacless Naira mastercard.

2 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by sevo(m): 9:47pm On Jun 28, 2023

[quote author=obailala post=124094009]

This is for contactless payments, not your regular transfer or card payment.

With contactless payment cards, all you need do is bring your card close to a compliant POS machine and payment would be automatically taken from your card without you having to insert the card in the machine or inputting your pin. Contactless payments don't exist in Nigeria YET; I'm guessing they're just about to introduce it. But I doubt it would work in Nigeria though, especially given the sheer number of fraudsters we have.[/quote

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Vicana: 9:48pm On Jun 28, 2023

obailala:

This is for contactless payments, not your regular transfer or card payment.

With contactless payment cards, all you need do is bring your card close to a compliant POS machine and payment would be automatically taken from your card without you having to insert the card in the machine or inputting your pin. Contactless payments don't exist in Nigeria YET; I'm guessing they're just about to introduce it. But I doubt it would work in Nigeria though, especially given the sheer number of fraudsters we have.

Contactless payment is available in Nigeria, using Palmpay QR card. The card has a QR code you scan on the Palmpay POS terminal using the QR scanner on the terminal. It is fast and secured.

1 Like

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Melagros(m): 9:49pm On Jun 28, 2023

Bidema:
People will have enough excuse to owe you now. Trust Nigerians

I dey tell you grin

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Jonegonu: 9:49pm On Jun 28, 2023

PrincessofDSS:
I don’t get it

Very preposterous, does it mean I can’t exceed 50k transfer using my app

that is not what contact less payment system mean. You can still do your normal transaction. Contact less payment is a form of payment system that you don't need to insert your card into ATM or POS to make any transaction. Just a wave or a slide on the machine your money is gone

3 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by maticar: 9:51pm On Jun 28, 2023

Started this stuff on Sunday
Reporting it days later, na wa

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by PROPHETmichael: 9:51pm On Jun 28, 2023

This is a good initiative by CBN and should be applauded. If you lose your card and you have millions in your account, you will appreciate this move more.

3 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by MartinsD12(m): 9:53pm On Jun 28, 2023

adenigga:

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

This one no concern me Sha contactless payments I doubt if that exist in Nigeria, government and their mumu policy.

1 Like

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Melagros(m): 9:54pm On Jun 28, 2023

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....

You de talk say you warned everyone against voting tinubu, tinubu did not win the election mahmood/ inec imposed tinubu on sane Nigerians

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Gboom: 9:54pm On Jun 28, 2023

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....

See yaself?
You should have asked what contactless transaction is before reminding that you warned people not to vote their choice.

5 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by maasoap(m): 9:56pm On Jun 28, 2023

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....

Even when you, just like most of us had no idea about what the report was actually talking about, you were already running mouth diarrhea. Na wa o

6 Likes 2 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Yankee101: 9:58pm On Jun 28, 2023

Is 15k not too low?

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by tete7000(m): 9:59pm On Jun 28, 2023

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.

You should explain it to them rather than insulting them. They speak based on their ignorance, you ought to show them that you have knowledge.

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by 1Hover1(m): 10:00pm On Jun 28, 2023

Contactless payments are payments made with tokens, wearables, phone tap/QR scan etc... It doesn't affect your transactions using your mobile/web app. The cap is a good thing because Contactless payments do not need authorisation, so anyone with access to your ARM card for example can tap on a Contactless payment device to pay off a bill. If there's no limit, anyone can empty your account without your authorization, and there'll be nothing you can do.
In the UK, it's a max of £100... Max Per transaction, max per day. Anything over that means you'll have to insert your card and enter your pin or approve via your app to authorise the transaction.

PHIPEX:
I noticed this nonsense today on my account. This is another policy somersault. These 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?

2 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by kkins25(m): 10:06pm On Jun 28, 2023

Contactless technology is a technology that enables an alternative payment method whereby payment instruments are used [b]without physical [/b]contact with devices. Contactless technology in payments provides easy, convenient, and efficient cashless options for users.

Important information nairalanders didn't catch!

3 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by pedestal82(m): 10:08pm On Jun 28, 2023

adenigga:

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

When to fill my tank is N37k.
Nonsense

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by MrBroke(m): 10:13pm On Jun 28, 2023

This has nothing to do with transfer using your app or shopping locally using your debit card o. Some people don dey misinterpret the matter.

2 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by maasoap(m): 10:13pm On Jun 28, 2023

Angelfrost:
Another one! "Contactless" payments!

A close friend told me that since Jagaban got sworn in, e come be like say all of us just dull! Person no just dey understand the Economic Jargons and Grammar CBN and co dey roll out to the press every week!

Someone said the idea is to "awe and confuse" while your hard-earned dough is taken away from you! While una dey crack una brain to explain the Economic jargons, una Aza dey bleed money!!!

Your friend and someone just aired their personal opinions, not necessarily the truth or fact.

2 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by 43Ronin: 10:14pm On Jun 28, 2023

austerity.. austerity...

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Confirmedzombie: 10:17pm On Jun 28, 2023

Nigerians especially obedients and ibos will never read, understand or ask questions but will rush to talk down the government

There is even no contact less device in Nigeria at the moment.

Maybe the CBN plans to introduce it or probably all this money agents.

For those obedients who don't understand contacted, this is a device where you can withdraw money without inserting your card.

The question is, Do we have such in Nigeria now.

The level of hate in the heart of obedients and ibos is so alarming.

5 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Henryfortune(m): 10:19pm On Jun 28, 2023

nedekid:

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 minites ago from my Fcmb to Zenith Acc of well more than 50k and it went.

.....

Thanks at least now those that lack understanding now get it

2 Likes 1 Share

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Angelfrost(m): 10:21pm On Jun 28, 2023

maasoap:

Your friend and someone just aired their personal opinions, not necessarily the truth or fact.

Obviously chief... But, at times, fiction and facts get mixed up! tongue

1 Like

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Seyitosino(m): 10:27pm On Jun 28, 2023

Same excuse not to lend.

Bidema:
People will have enough excuse to owe you now. Trust Nigerians

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Ombudsman1: 10:34pm On Jun 28, 2023

IGNORANT FOLKS SO ABUNDANT

1 Like

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by EggonBoy(m): 10:41pm On Jun 28, 2023

I can't remember the last time I spent upto 50K a day.

1 Like

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Bobbiee: 10:42pm On Jun 28, 2023

So what of people that use Kuda Bank or Opay

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by oluwaseyi0: 10:54pm On Jun 28, 2023

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?

I doubt you understand what contactless transaction mean

Your own issue is probably kyc issue not the issue this thread is talking about

2 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by mattb1(m): 10:56pm On Jun 28, 2023

RubiesBanking:

A contactless payment does not require you to swipe your card though a POS machine or make interactive contact with your device to do a transfer before you make payment.

With contactless payment, you just hover your card or a device next to a supported machine and it's much more secure.

Any phone that is NFC [Near-Field Communication] enabled will also be able to utilize this feature, also you can use your credit or debit card if it has a RFID chip embedded in it.

Here's how a contactless payment typically works

1. The customer presents his contactless card or NFC enable phone over a POS terminal that accepts such payments
2. The wireless chip transmits card information
3. The payment terminal contact the bank
4. The card issuer transmits an approval or a denial.

Here is a small video explaining graphically what all this mean

https://www.youtube.com/watch?v=2nldPwska-8

YOU ALSO HAVE TO BE CAREFUL BECAUSE ANYBODY CAN SCAN YOUR CARD AND EASILY MAKE FRAUDULENT TRANSACTIONS
https://www.youtube.com/shorts/3C2wK7TFP0c

Thanks for this information.
cc. Sablexxxtoons yaki84 PHIPEX

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