Contactless payment, which used to be futuristic, is now a necessity for ensuring secure and fast transactions.
Ugo Obasi, chief commercial officer, NIBBS/executive director at AfriGO Pay Financial Services Ltd, said this during his keynote address at BusinessDay’s Future of Payment Conference 2025.
Obasi, who was representing Premier Oiwoh, the chief executive officer of Nigeria Inter-Bank Settlement Systems PLC, stated, “The rise of contactless payment is reshaping our financial landscape. Contactless payment, which was once a futuristic component but is now a necessity that is accelerating commerce, ensuring security, and transforming the global payment system.”
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While emphasising the need for contactless payment, he added, “The advent of the internet and digital technology revolutionised electronic payment, leading to the development of online banking and e-payment.
“In a world that thrives on speed and efficiency, contactless payment has become a cornerstone of financial transactions because the delays of fumbling for cash or waiting for card approvals are fading instead, a simple tap, wave, or scan allows payment to be processed in seconds, bringing unprecedented ease to consumers and businesses alike.”
Emmanuel Ojo, MD/CEO of Redtech Limited, further stated that there is a need for more devices capable of enabling contactless payments. “The payment tool, which is the card and acceptance tool, has to be NFC-enabled,” he said.
