CBN Sets N50,000 As Daily Limit On Contactless Payments - Business (2)

CBN Sets N50,000 As Daily Limit On Contactless Payments - Business (2) - Nairaland

Nairaland Forum › Nairaland General › Business › CBN Sets N50,000 As Daily Limit On Contactless Payments (53228 Views)

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Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Primusinterpares(m): 8:39pm On Jun 28, 2023

What's the implications of these limits huh

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by SouthSouth1914: 8:39pm On Jun 28, 2023

Directionless CBN

2 Likes 1 Share

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Earlystar698(m): 8:40pm On Jun 28, 2023

Someone explain to me like I'm 5

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Angelfrost(m): 8:41pm On Jun 28, 2023

Another one! "Contactless" payments! grin

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! cheesy

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!!! grin

5 Likes 3 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Cassandraloius: 8:42pm On Jun 28, 2023

They're always out of ideas. sad

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Ishilove: 8:43pm 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

Thank you

4 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by femmy2010(m): 8:43pm 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?

Comprehension is a major problem in today's Nigeria.
Very sad.

20 Likes 1 Share

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Tradepunter2: 8:46pm 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

cc. Sablexxxtoons yaki84 PHIPEX

Thanks for the clarification..... I was already getting angry because I transaction above 100k daily for my projects and my workers.... They didn't explain it like the way you did

2 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Leebeedo(m): 8:46pm On Jun 28, 2023

CBN hindering the velocity of money...hmmmm

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Angelfrost(m): 8:48pm On Jun 28, 2023

femmy2010:
Comprehension is a major problem in today's Nigeria.
Very sad.

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”

10 Likes 2 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by CAPITALBEE: 8:48pm On Jun 28, 2023

May you be delivered from this well of ignorance! 🙏

I don't even think you know what contactless payment is... Talk more of really getting to know why a control has to be put in place. 🙄

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....

11 Likes 1 Share

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by WorldRichest: 8:49pm 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....

If the only thing you see is APC and Tinubu, then you will weep for long. 16 years of weeping and crying. 8 years of Tinubu, then 8 years of Shettima presidency. You go don delete before 16 years due to hypertension.

15 Likes 1 Share

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Risingsunn: 8:49pm On Jun 28, 2023

lonecatt:
They will soon add charges if you want to exceed 50k.

na where dem dey go be this. By the time Tinubu will be done with Nigeria, Una go dey pay to breathe

2 Likes 1 Share

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by LandMann: 8:49pm 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 comment reeks of stupidity and ignorance.

Do you even know what contactless payment is?

15 Likes 3 Shares

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Reality3080: 8:50pm 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?

Oga me I don send 150 today n e go smooth n clear

It’s obvious u really don’t know anything about this but u just want to criticize

15 Likes 1 Share

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Menclothing: 8:51pm On Jun 28, 2023

Most people comment they don’t even read

6 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by nedekid: 8:51pm On Jun 28, 2023

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

How?

1 Like

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Krak(m): 8:51pm On Jun 28, 2023

femmy2010:
Comprehension is a major problem in today's Nigeria.
Very sad.

Many of us are just claiming educated, meanwhile we are thoroughly unbaked. Look at people criticizing something they do not understand. Something that is supposed to be good news to most people fa.

18 Likes 1 Share

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by soles21(m): 8:52pm On Jun 28, 2023

This is actually good considering how dangerous contacless payment can be. I've seen alot of videos on how fraudsters steal using contactless payment so the limit is just a safety measure.

10 Likes 1 Share

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Coronavirus1: 8:52pm On Jun 28, 2023

Blitzking:
Someone should explain this write up

they are not talking of your normal account transfer.

8 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by obailala(m): 8:52pm On Jun 28, 2023

Leebeedo:
CBN hindering the velocity of money...hmmmm

If your really knew what contactless payment was, you'd be begging your bank to set you daily limit to N5k

10 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by nedekid: 8:52pm On Jun 28, 2023

LandMann:
Your comment recks of stupidity and ignorance.

Do you even know what contactless payment is?

Haba, no need, just explain to him. We all learn on this forum.

1 Like

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Illegal1(m): 8:53pm On Jun 28, 2023

Omoh,........abeg make person explain to me,i no understand wetin i read.

which 1 be contactless payment again nah?

1 Like

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Uwaiwe: 8:53pm On Jun 28, 2023

In other countries, you set contactless daily limit on your own. I love contactless payment. It saves lots of stress inputting passwords. You can even give your close friend card to make payment without revealing your password. Good policy if t will work in Nigeria. I have enjoyed that service living abroad. Its not a new thing. Though Nigeria is still in stone ages due to bad leaders

8 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Fcwilly: 8:55pm On Jun 28, 2023

Everyday with new grammar

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by kaywhy09(m): 8:56pm On Jun 28, 2023

There is nothing wrong in limiting access for those who refuses to submit their known addresses.

1 Like

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Nobody: 8:56pm On Jun 28, 2023

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 don’t understand. Contactless means u only bring the card close to the reader to authorize payment.

2 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by jos4kay: 8:57pm On Jun 28, 2023

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

transfer is not contactless

1 Like

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by donproject2(m): 8:57pm On Jun 28, 2023

Tradepunter2:
Thanks for the clarification..... I was already getting angry because I transaction above 100k daily for my projects and my workers.... They didn't explain it like the way you did

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

3 Likes

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by bluefilm: 8:57pm 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?

Do you even know what contactless payment really means?

Everybody will just be running off their dirty mouths anyhow.

Nonsense angry

8 Likes 1 Share

Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by airsaylongcome: 8:58pm On Jun 28, 2023

LandMann:
Your comment recks of stupidity and ignorance.

Do you even know what contactless payment is?

You say?

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