Rédaction Africa Links 24 with Guardian Nigeria
Published on 2024-04-10 04:04:13
Andrew Uaboi, Vice President and Head of Visa West Africa, believes that Nigerian SMEs have the potential to maximize their impact through contactless payment technology. In a recent interview with ADEYEMI ADEPETUN, Uaboi highlighted the changing payment landscape in Nigeria and the benefits that contactless payments can offer consumers, businesses, and banks alike.
The payments industry is constantly evolving, with 2024 being a year of significant transformations. Contactless payments have emerged as a key driver of innovation, paving the way for a new era of payments that are convenient, secure, and efficient. This technology is gaining popularity among consumers, merchants, and banks across Nigeria, opening up a world of possibilities for connected devices.
Contactless payments offer a fast and convenient way for consumers to make everyday purchases, whether it’s at supermarkets, fast-food restaurants, gas stations, or public transportation. By simply tapping their card on a payment terminal, consumers can streamline their payment experience and complete transactions in just a few seconds. This technology not only improves the overall shopping experience but also enhances security by using one-time cryptographic codes to prevent counterfeit fraud.
Visa is committed to ensuring the safety of contactless payments in Nigeria by implementing robust security measures in line with industry standards and regulatory guidelines. Contactless cards use the same secure technology as EMV Chip, making them a secure way to pay. Even if fraudsters were to attempt to intercept card information, they would not be able to access sensitive data such as the cardholder’s name or security code. This level of security instills confidence in consumers and encourages them to embrace contactless payments.
For small and medium-sized businesses (SMBs), contactless payments offer a range of benefits that can help drive growth and profitability. By accepting contactless payments, SMBs can reach new customers, streamline transactions, track spending, improve security, and enhance operational efficiency. This technology enables store owners to process payments quickly at the register, leading to an improved customer experience and increased sales.
Issuer banks in Nigeria also stand to gain from the adoption of contactless payments. By leveraging this technology, banks can expand their presence in the digital payments landscape, driving preference for their products and services. Contactless payments enable banks to penetrate small-ticket transactions, participate in new acceptance categories, and develop innovative payment solutions that cater to evolving consumer preferences.
In conclusion, contactless payments are reshaping the way transactions are conducted in Nigeria, offering numerous benefits to consumers, businesses, and banks. As the payment landscape continues to evolve, contactless technology will play a crucial role in driving financial inclusion, enhancing security, and improving the overall payment experience for all stakeholders involved.
