Sablexxxtoons:
The question is what is contactless payment.

This means your Card can be debited by just placing a device beside it, it can also be by swapping. No authorisation is required.

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

Very different, you can transfer as much as you want.
99% of Nigerians have never used contactless payments so it doesn't really change anything.

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?

Contact less is not transfer. You didn't notice anything because you're not being honest.

Contact less is for cards that tap a machine to charge like your smart watch. Apple/ Google pay etc

Hope you understood what you read.

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?

Maafiaalady:


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?

Hold in 2007?we did not even have smart phones in the Uk 2007 no touch screen phone the closest was slide phone nokia.However there has been contactless cards in Nigeria about 5 years ago cos I have one from 1st bank.However POS machine in Nigeria are not enabled enough to accept these transactions.

PrincessofDSS:
I don’t get it

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

Exactly

Is contactless payment even a thing in Nigeria.
I swear that I have never seen it before in Nigeria.

CharlesJok3r:
Is contactless payment even a thing in Nigeria.
I swear that I have never seen it before in Nigeria.

the infrastructure is there.the card is dearer

Bakrabas:


Exactly

wrong you can.According to your endimity of spelt right limit

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....

Unfortunately, your points don't count. The system doesn't even exist in Nigeria yet and if it starts, a lot of people will lose their hard-earned money if the type of restriction the government is putting into place is not introduced. Fraudsters will make easier money and make more people cry.

Chosimba:


Contact less is not transfer. You didn't notice anything because you're not being honest.

Contact less is for cards that tap a machine to charge like your smart watch. Apple/ Google pay etc

ahaha nah so Nigerians dey carry talk.him wan sound relivant

yommen:


Unfortunately, your points don't count. The system doesn't even exist in Nigeria yet and if it starts, a lot of people will lose their hard-earned money if the type of restriction the government is putting into place is not introduced. Fraudsters will make easier money and make more people cry.

The system is in Nigeria already POS .merchants just need to upgrade.my 1st bank Debit card is contactless got it Jan this year
2 years ago I saw a guy with zenith bank debit card use his to get on the underground in london.it worked.

Although the information from the CBN presume everyone that every Nigerian have a fair knowledge of how "Contactless" transaction works. But in reality, it is a new financial terminology to large number of people that have access to internet while others outside this category are still living in the stone age ...

Contactless transactions is not operating in the same technology as your bank app or your magnetic stripped card system. It uses radio frequency identification to interact with paying and receiving parties within a specified radius.
It is a secured means of transaction where your information is encoded and cannot be traced by any other parties including government agencies and Central Bank. (Untraceable Transactions)

Did you now see the reason why the use must be regulated before it becomes generally accepted.

Dybala11:

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.

You'll later be ashamed of yourself for this high level mediocrity.

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.

It exist long ago in Nigeria, na you no know. Also, it requires card pin for authentication.

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

m
Do you really know the meaning of contactless payment… Google is your friend don’t be ignorant

patrislayqueen:


It exist long ago in Nigeria, na you no know. Also, it requires card pin for authentication.

Authentication of each transaction?.... If the contactless that existed long ago in nigeria requires one to input their pin, omo that one no be contactless again oo

Can someone break this contactless Grammer to a layman or broken English?

EquitableTech:

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

FRS:
It exists for a while now, I use it especially when my card chip is dirty and not reading the card. It started with GTB Mastercard but there's no awareness of it so people don't know. I have been using it for the past 10 months.

blaise26abj:

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

Lovenorth:

Opay allows us to do contactless payment

Where did you guys use your contactless cards? ... I didnt know the cards existed in Nigeria before... but then again, are there really any merchants that operate contactless POS machines in Nigeria?

To combat fraud commonly associated with contactless payment, keep your credit cards in aluminium foils that inhibit magnetic induction.

On a serious note, it's not even feasible but that technology can cost you if not handled with utmost care.

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?

Guy, I think the fault is from you end. I just tried it myself (gtb to opay, above 50k) and it went smoothly.

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

That's the issue I experienced, that arose leading to my comments.

highoctane:


That's the issue I experienced, that arose leading to my comments.

I guess that's a different issue altogether...

Avast:


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

I tired ooooo!

waice6571:


You'll later be ashamed of yourself for this high level mediocrity.

Ashamed??
Anyway I corrected the comment cos I've muddled up what OP was talking about. The restrictions are highly recommended cos if not, a lot of people will lose their hard earned money o.

peculiar2233:

You could have explained io him nah. Olo-shi

Oloriburuku, Omo Ale, tell me how to explain to someone who had beclouded his/her mind, heart and all their bones and marrow with hatred towards this new administration?

WhatIf:


Oloriburuku, Omo Ale, tell me how to explain to someone who had beclouded his/her mind, heart and all their bones and marrow with hatred towards this new administration?

Omo iya aje stop crying ehn 😂😂😂

tonytony208:


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.

You are the last stewpid person I’m going to reply on this forum. I won’t be replying e-diots like you any more

No cause for alarm oh.👀🙆‍♂️

The Nigerian government is always sick. Very regime to regime. Their chief policy is to make life difficult for Nigerians. Nothing more
Bunch of scallywags..

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

What is nonsense about what he said, this man's policies are antipeople from day one, we are hearing that fuel will be N700 from next month, electricity tarrif hike, introduction of tuition fees, VAT on diesel etc and one will think they will cut cost of governance but we caught them planning to increase their pay by a whooping 114% while telling us to make necessary sacrifices. A man driving in 120 vehicle convoy can never manage your economy well. What palliatives has he put in place to ameliorate the hardships caused? Nigerians are the only people who can be fooled over and over again.

Thanks god I didn't vote for this drug Barron