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Nairaland Forum / Nairaland / General / Business / CBN Sets N50,000 As Daily Limit On Contactless Payments (50405 Views)
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Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by oneman2k7: 8:59pm On Jun 28, 2023 |
What is contactless payment. |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by teepain: 8:59pm On Jun 28, 2023 |
PHIPEX: The policy doesn't make much sense to me either, if it includes token enabled transactions, credit and debit transactions. |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Nobody: 9:00pm On Jun 28, 2023 |
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 . |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Goalnaldo(m): 9:01pm On Jun 28, 2023 |
I now understand better.. |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by iscom(m): 9:02pm On Jun 28, 2023 |
OK |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by TollinsN: 9:03pm On Jun 28, 2023 |
We are not interested in the technical language. Just tell us if we are sliding back to cashless policy |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by SmartyPants(m): 9:05pm On Jun 28, 2023 |
iSense247: You can spend higher - but you'll need to go to the bank to fill out some forms. |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by olutoket(m): 9:08pm On Jun 28, 2023 |
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. 1 Like |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by nedekid: 9:09pm On Jun 28, 2023 |
PHIPEX: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. 5 Likes |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by JeffreyJunior: 9:09pm On Jun 28, 2023 |
Is this not one of the reasons everyone is happy about what's happening to Emefuel, the former CBN governor? |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Ellasure: 9:10pm On Jun 28, 2023 |
Bebigiby1: 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. |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Angelfrost(m): 9:13pm On Jun 28, 2023 |
airsaylongcome: Stop na!!!... Belle don dey pain me from laugh! |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Tradepunter2: 9:13pm On Jun 28, 2023 |
donproject2: STFU and face front |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Drayco007(m): 9:15pm On Jun 28, 2023 |
Someone explain this to me like you would a 10year old.. Thanks.. 1 Like |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by lexy2014: 9:15pm On Jun 28, 2023 |
wolesmile: 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? 1 Like 1 Share |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Tannhauser(m): 9:17pm On Jun 28, 2023 |
Angelfrost: I think that was Feynman not Einstein 1 Like |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Nobody: 9:17pm On Jun 28, 2023 |
Sablexxxtoons: 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. 7 Likes 1 Share |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Angelfrost(m): 9:18pm On Jun 28, 2023 |
Tannhauser: Really??!... Well, Most archives and quote sites attribute it to Einstein! |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by wolesmile(m): 9:18pm On Jun 28, 2023 |
lexy2014: You're welcome. Love you too |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Angelfrost(m): 9:20pm On Jun 28, 2023 |
lexy2014: Don't mind him... I just corrected another one above. Pointless Arrogance is a disease of the average Black man! 1 Like |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by NamelessOGBENI(m): 9:22pm On Jun 28, 2023 |
Sablexxxtoons: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. |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by hyzich(m): 9:22pm On Jun 28, 2023 |
PHIPEX: 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 2 Likes |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by thunderbabs: 9:24pm On Jun 28, 2023 |
CBN wahala no too much on top people money so....hiaaaa |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by grandstar(m): 9:28pm On Jun 28, 2023 |
Bebigiby1: 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. 3 Likes |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Goalnaldo(m): 9:28pm On Jun 28, 2023 |
tumababa:i dont think its secure. Someone can get your card and make payment. 3 Likes |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Ellasure: 9:29pm On Jun 28, 2023 |
Fcwilly: 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. 1 Like 1 Share |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by ibtommy(m): 9:30pm On Jun 28, 2023 |
GWMI: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. 4 Likes |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by leisuretym: 9:31pm On Jun 28, 2023 |
CodeTemplar: 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 |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by CartelKenneth: 9:33pm On Jun 28, 2023 |
Goalnaldo: They can’t make payment without your pin/password 2 Likes |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Masterito(m): 9:37pm On Jun 28, 2023 |
Lol kingsways: |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Nobody: 9:37pm On Jun 28, 2023 |
Goalnaldo: 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. 3 Likes |
Re: CBN Sets N50,000 As Daily Limit On Contactless Payments by Masterito(m): 9:39pm On Jun 28, 2023 |
CBN is clueless adenigga: |
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