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Home Companies Corporate Updates

How Visa will secure contactless payments in Nigeria- Andrew Uaboi – Vice President & Head, Visa West Africa

NM Partners by NM Partners
July 25, 2023
in Corporate Updates
Visa

Andrew Uaboi – Vice President & Head, Visa West Africa

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The Central Bank of Nigeria recently released guidelines for contactless payments, making this the first-time contactless solutions will be formally enabled in the country.

The guidelines seek to ensure that participants in contactless payments implement appropriate risk management measures while keeping to the best industry standards.

Contactless payments are already common in places like South Africa, Canada, Australia, and the United Kingdom.

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In addition to being a fast and easy way to pay, contactless cards provide strong protection against fraud without ever touching the payment terminal. Here are some contactless security facts.

Contactless cards use the same secure technology as EMV Chip

Every contactless transaction includes a one-time use cryptographic code that prevents counterfeit fraud.

EMV Chip technology ensures cardholder information is encrypted, dynamic, and secure for payments making it much more difficult for threat actors to steal and monetize data.

Visa

Fraudsters have limited options.

Visa contactless cards must be within 4 centimetres of a merchant’s contactless terminal for card information to be transmitted.

If fraudsters were to get close enough to read a contactless card, they would not gain access to the cardholder’s name or the 3-digit security code, helping to prevent counterfeit and e-commerce fraud.

 

Contactless payments are protected by the same technologies as other Visa transactions.

  • Every Visa payment product is protected with security at the card, terminal, and network levels. Visa cardholders benefit from multiple layers of security that work behind the scenes with every transaction to prevent payment fraud—even before it can happen.
  • Secure protocols, artificial intelligence, real-time analytics, cryptographic algorithms, and many more layers work together to prevent fraud.
  • The combination of embedded security in our payment products and multi-layered security behind every transaction is why Visa has been able to keep global fraud rates significantly low.

Visa payment solutions evolve.

  • In partnership with the wider industry, including financial institutions, technologists, academics, and others, Visa constantly adapts, enhances, and evolves its payment solutions to identify and address new risks. When appropriate, we make changes in technology and infrastructure to mitigate risks.
  • As a result of this industry collaboration, contactless cards are a secure way to pay, and consumers can use them with confidence.

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Tags: Contactless CardsVisa
NM Partners

NM Partners

"NM Partners" encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under "NM Partners" does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under "NM Partners." For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at info@nairametrics.com. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.

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