United Bank for Africa popular known with its acronym UBA has introduced a contactless payment cards in Nigeria.
The bank disclosed this milestone innovation in the Nigeria banking sector through a tweet on its Twitter account on 16 November, 2015.
The Contactless payment card which is the first of its kind in Nigeria resembles the normal ATM card or debit/credit card.
The card works on the Near Field Communication (NFC) technology. Users of this card does not need to swipe their card or slot their card into any machine before they will be able to make payment. With the card, making payment has never been so easier, hassle-free and more convenient.
The card can only be used in an ATM or POS machine that is NFC enabled. The users have only hold the card against the reader without swiping or slotting it into any machine. The machine will prompt the users to type in their PIN which is required by CBN for all ATM and POS transactions. Once the PIN is verified, the transaction will go through and will be approved.
UBA stated on their website that their contactless cards would make it possible for users to pay for everyday purchase. The bank calls on bank customers to take advantage of the new technology by using it.
Transaction with the contactless card is very safe because it makes use of the Combined Data Authentication EMV chip which is the best in the chip technology.
The card is only for UBA customers and it is issued within a day. The cost of the card is N1,000. As revealed by the bank, the card will soon be introduced in the other 19 countries in Africa where the bank has presence.