November 17, 2015 – Africa’s leading financial services institution in digital banking, United Bank for Africa (UBA) Plc has introduced contactless payment cards as part of effort to innovate digital banking in Nigeria and beyond.
“The contactless payment cards offer UBA customers an easier and more convenient hassle-free way to pay for goods and services. It is the latest innovation from the digital banking division of pan-African financial services UBA, which has built its competitive edge around offering the very latest in convenient banking options to its customers”, the bank said on its website.
According to UBA, contactless cardholders will 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.
Contactless payments are fast, easy and secure. It is a payment card with the added advantage of Near Field Communication (NFC) technology.
“With our contactless cards, you can make payments for everyday essentials and other things that money can buy the contactless way” says Divisional Head, and Digital Banking, Dr. Yinka Adedeji.
The new UBA contactless payment cards works with 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.
“UBA contactless payment cards can be used across all the channels where you use your regular card – ATM, POS and Web” explains Adedeji.He noted that 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” he explained.
The cards are currently being issued at all UBA business offices across the country. UBA is one of the largest and most innovative card issuers on the African continent. The bank has won several awards and recognitions for offering innovative and convenient payment options to its customers.
A highly diversified financial services provider, UBA remains one of the largest financial institutions in Africa, with business offices in New York and Paris and a subsidiary in London.
UBA Plc controls significant market share in 19 different African countries.
