The Central Bank of Nigeria (CBN) is about to introduce a new cashless payment system in Nigeria. Known as contactless payment system, the CBN will issue the guidelines for the operation of the cashless innovation in a few months’ time.
Deputy Director, Payment System Management Department of the CBN, Mr Adeyemi Adefuye, made this known in Calabar.
The introduction of contactless payment is another tool the apex bank will introduce before December 31 to mitigate any inconvenience that may arise when the old notes make way for the new ones.
Adefuye described the contactless payment system as a technology that “enables an alternative payments method whereby payment instruments are used without physical contact with devices”.
When operational, payments can be made using QR Code, NFC (Near Field Communication) which is a technology that allows two devices – like your phone and a payments terminal – to talk to each other when they’re close together.
Adefuye noted: “Contactless technology in payments will provide easy, convenient, and efficient cashless options for users. Create shorter queues at checkout points.”
The instruments that will be used for contactless payment “include pre-paid debit and credit cards, stickers, fobs, wearable devices, tokens, and mobile electronics devices’’.
