POOR and dilapidating infrastructure and low level of education have been identified as major hindrances to e-payment adoption in Nigeria.
This is despite increasing innovations in the electronics payments industry including new technologies in the form of cloud-based near field communication (NFC) mobile technology, e-commerce, and in-app payment systems, just to name a few.
Specifically, NFC technology allows two devices placed within a few centimeters of each other to exchange data. In order for this to work, both devices must be equipped with an NFC chip. All these innovations help make electronic payments easier and more accessible. However, majority of Nigerians have not availed themselves of these innovations.
Ashaye noted that as far as e-commerce and e-payment are concerned, education must be a continuous thing and the government, financial institutions, the media and all stakeholders must partner to make this happen.
According to him, since fraudsters and their methods become more sophisticated, the cards industry must stay updated on potential risks and counter them with measures to predict and prevent fraud.
It was gathered that the Payment Card Industry Data Security Standards (PCI DSS) have set risk management policies and programmes in order to define the technical and operation requirements for cardholder data protection.
Beyond these standards and compliances, the electronic payments networks are implementing steps to prevent fraud and ensure their risk management assets are oriented to new threats, and their systems geared to resist any attacks.
Mr. Ashaye noted that the adoption of Europay, MasterCard, and Visa (EMV) enabled or chip-enabled cards, tokenization and point-to-point encryption are technologies that will positively shape the card industry in the coming years.
“The global shift towards chip-based EMV cards is the solid foundation for fraud protection. The chip serves as a microprocessor embedded in plastic payment cards or mobile phones. Unlike magnetic stripe cards, the data on the chip …Read More
Source:: Nigerian Pilot