Control, control, control

in case you need help with Google ads, Facebook, Twitter or Instagram ads for your business. Contact+2349026503456

"Seek knowledge" is a commandment from Allah. Yet people are making comments out of ignorance this sallah season.

do you know what contactless transactions are?

OneCandleAway:
Does that mean we can't transfer more than 50k

Yep, you now have to go and queue in the banking hall if you want to transfer more than 50k. And you can only transfer a maximum of 15k at once.

Sablexxxtoons:
The question is what is contactless payment.

Payments using bank apps, wallets, ATM cards etc.

Please note that the 50k limit is for contactless transactions only!

This cap helps you as the card holder to prevent unauthorized use of your card since they require no PIN input.

Please get yourselves RFID shielded wallets cos technically, anyone with a contactless enabled POS terminal can just tap the terminal against your conventional wallet, purse, back pocket and debit your account

Sablexxxtoons:
The question is what is contactless payment.

Hmm, good question.

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

Contactless is the future , that's what we use here in the UK, I have not used cash or my physical bank card to pay for anything for over a year, I just use my NFC enabled phone to tap on payment devices and be on my way. Fast and no need of "enter your PIN" savings or current?

adenigga:


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

50k is toomuch it should be 10k

Dybala11:

Hmm, good question.

wen you just use ur card or phone or token or watch to touch POS to pay

Uwaiwe:
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

It is really surprising most people use their smart phones to comment jargons but cannot do simple research on Contactless payment. Foreign countries has been using this since, e.g. UK since 2007. The daily contactless transaction limit in UK is £100, I use it daily here and I actually enjoy it because it is seamless. It is a good step in Nigeria but the question is, are the banks ready for this?

erico2k2:

wen you just use ur card or phone or token or watch to touch POS to pay

The OP has already done justice to that bro, I actually did make mention of what it entails. I edited my comments and removed the explanation there, no need for me to do plenty shalaye for the guy. Dem don remove subsidy from shalaye o, it's either he pays up or he gets no shalaye. 😂😂😂

Okay

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....

typical

He doesn't know how the policy works but foaming in the mouth like a rabbid dog.

8 years is a long time to wail..

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.

Actually GTBank gave me a contactless card late last year . I didn’t request for it though. I agree with you with the fraud part unless the Termibal will still request your password

Uwaiwe:
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

As long as the devices don’t fall into the hands of criminals in nigeria . I think it should still request for your password .

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.

For contactless transfer only

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 don't think it is your transfer limit. It is your limit on contactless payment (In this case bank would mean debit or credit cards)

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....

Oga everyone did his best.
Did it look like they allowed Tinubu?
We love removing ourselves from problem.

Later u will blame southern kaduna for voting in elrufai.

There are things, one cant help

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.

The reason is for security. And it applies to only contactless payment

It is not Nigerian's fault. A nation that failed to educate its citizens will always have this type of problem. We need to prioritize education more than anything else. Imagine how it will be if the fuel subsidy over two decades was channeled to an education subsidy. It would have made more meaningful impact.

femmy2010:


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

NamelessOGBENI:

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.

If you have a debit card that has that Wifi sign, then it can work contactless.

I have used my firstbank contactless ATM card for contactless payments outside the country

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.

Oga,nah to curb fraud.the rate at which yahoo boys are wrecking people is too bad.can u imagine,they withdrew 450000 naira from one disabled woman account.this guys are so heartless.

kingsways:
Nigerian bankers are the most brilliant set of Nigerians


Nigerian backing industry are the most innovative in the world

I guess you are too mentally daft to understand the news.

Or too financially impoverished to understand the implications.

It means you must queue at the bank if you must withdraw any amount above 50k.

Ok cool since it's not yet in Nigeria. We are watching

Instead of trying to improve the value of our currency, they are trying hard to kill or slow down businesses. Isn't this same as the Emefele policy??

WhatIf:



Try to read and understand the context or content of the information well now.

Some people can lie for Africa. He said he noticed that on his account.

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 wonderful info and head up given. Some here that knows next to nothing were already shouting nonsense up and down.

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.

Opay allows us to do contactless payment

OneCandleAway:
Does that mean we can't transfer more than 50k

....are you having some problems with English, contactless pay is different from bank transfer.

highoctane:


I don't comment on what I did not try or experienced

Your explanation ain't in order.
I woke up by 4.06am, that's my usual wake up, to read about this news.
I tried to transfer the sum of 50k from my OPAY to my Gtbank account, the response was I have exceeded my daily transfer, the transfer was declined, I scaled it down to 45k, the response was your transfer fee will be #405. The transfer was successful, I want to reverse the transfer from my Gtbank account to OPAY,same response, same result.
What you gonna say or explain once again about this?

Was it contactless payment?... if it's not contactless payment, then your issue is different i guess..

adenigga:


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

I won't complain. He said it during electioneering that he would continue Buhari's legacies.

Fuel subsidy removal.
Electricity tariffs hike.

And now this Emefiele policy repacked!

Krak:


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.

...I don't see this as good news....it creates a wider arrays of opportunities for thieves to quickly swipe 50k out of your account if you lose your card.