Banking Briefs
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THE United Bank for Africa, UBA, Plc, is changing the payment system landscape in Nigeria with the introduction of contactless payment cards. The contactless payment cards offer the UBA customers an easier and more convenient hassle-free way to pay for goods and services.
According to a statement from the bank, the move was the latest innovation from its digital banking division, saying that the product had built its competitive edge around offering the very latest in convenient banking options to its customers. The statement said that the UBA contactless cardholders would thus, experience the next level of convenient payment services; a touch and pay contactless payment card; the most innovative and convenient way for customers to pay for goods and services.
Yinka Adedeji, divisional head, digital banking, UBA, said contactless payments were fast, easy and secure. “With our contactless cards, you can make payments for everyday essentials and other things that money can buy the contactless way,” Adedeji said.
According to him, the new UBA contactless payment cards work with the Near Field Communication, NFC, enabled PoS and ATM terminals by simply touching the card against the reader without slotting it into the terminal. Customers can also use the cards to pay on regular POS terminals. “The UBA contactless payment cards can be used across all the channels where you use your regular card – ATM, POS and Web. All UBA contactless cards use the Combined Data Authentication EMV Chip which is currently the highest standard for chip technology used in payment cards to ensure that UBA contactless cards are absolutely safe.
“Ideally, for low value transactions, contactless payment card holders are not required to input their PIN but the Central Bank of Nigeria (CBN) currently mandates that all transactions on the POS require PIN entry. So, for now, customers will still be required to input their PIN even for low value transactions. However, contactless payment cards still offer a superior level of convenience compared to the traditional payment cards,” Adedeji said.
— Nov 30, 2015 @ 01:00 GMT
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