How Visa Will Secure Contactless Payments in Nigeria

 Andrew Uaboi

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 best industry standards.

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

Fraudsters have limited options

Visa contactless cards must be within 4 centimeters 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, technologist, 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. 

– Uaboi is Vice President & Head, Visa West Africa