National Bank of Malawi launches contactless card payment

National Bank of Malawi (NBM) plc Friday launched a new payment technology innovation called ‘Contactless payment’ where customers will not need to swipe or insert their cards when conducting payment transactions.


Tepelunde conducts a live demonstration on how the Contactess payments works

NBM plc Head of Cards & e-Banking William Kaunda said in Blantyre that as market needs and trends keep changing, the bank will continue to innovate and bring forward products and services that are aligned to these trends.

“Customers with a contactless card are able to make Point of Sale (POS) purchases and ATM withdrawals by simply holding the card in front of the payment device instead of swiping or inserting. Contactless payment is a convenient, smart and fast way of transacting on NBM POS machines,” said Kaunda.

Making a presentation to members of the press on the new innovation, NBM Manager, Cards Acquiring, Stewart Tepelunde said widely used payment instruments include debit cards, credit cards, smart phones and other Near Field Communication (NFC) form factors and they all bear the wave sign.

“Customers can make purchases by simply holding their cards in front of the payment device, rather than swiping or inserting it, making transactions faster, more convenient for both the customer and the merchant. For low-value payments, NO PIN or any other type of verification is required,” said Tepelunde adding that there is low risk of card cloning since there is no contact with the payment device.

He said low- value payments default limit is K5,000 and will only ask for a pin after the fourth transaction as a security measure.

Tepelunde also said any transactions above the low-value payment default limit will prompt a card user to enter a pin.

“The default maximum amount a card holder can transact through Contactless payment is K50,000 and any amount above this limit will prompt the card to be inserted,” explained Tepelunde.

He said NBM plc point of Sale (POS) devices have been enabled to accept Contactless cards. The new system can be used to pay for services in Hotels, supermarkets, restaurants, car hires and many more.

“We have the infrastructure and human resource to enable us to do this, but, even more important is the fact that we have the customer at heart in all we do. Customer Centricity and Digitization are significant pillars in our strategy and we shall continue to incorporate both in our long term and short term initiatives,” emphasized Kaunda.

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Shameful Bank
Shameful Bank
10 months ago

The entrance to Lilongwe Capital City branch has some shameful port holes for a big bank like this. Please do something about it

Nyapapi John
Nyapapi John
10 months ago

@madalitso. ATM cash deposits are available with NBM and Standard Banks in major cities in Malawi

KHADET
KHADET
10 months ago
Reply to  Nyapapi John

Standard bank YES
not national bank

Batkiss
Batkiss
10 months ago

Cash payment still faster and more convenient. If u said u can transact over 50pin better. No value addition here.

Roadking
Roadking
10 months ago

I always thought the slow network is the delaying factor behind this POS machines?
Or is this now the whatsapp, compare to sms and email? To see somebody in a Supermarket paying via POS machine it cause me always to choose another cashier. To my experience it is almost as worse as cheque payments!

Madalitso
10 months ago

I thought you would be talking of ATM Cash deposits. Unbearably long queues in the banking halls.

David Wa Betha
David Wa Betha
10 months ago

It seems very limited relevance to be called a constructive innovation. But on a different note can we also doe as Zambians have done read this Airtel Zambia PLC has revealed that it will in the course of this year also launch the non-expiry data bundles after talks with mobile phone regulator, Zambia Information and Communications Technology Authority (ZICTA) are concluded. Airtel Zambia’s decision follows MTN Zambia’s introduction of non-expiry internet data bundles following calls by members of parliament and the public for mobile service providers to remove expiry dates on internet packages. This introduction, the first of its kind… Read more »

Mangochi Kabwafu
Mangochi Kabwafu
10 months ago

Technology wasn’t there yet? Paja zimafika mochedwelako.

Dolo
Dolo
10 months ago

Contactless is not a new technological innovation. It exists in developed countries, especially in Europe.

Neurosurgery Prof
Neurosurgery Prof
10 months ago

Contactless card. I can’t seem to grasp the value addition…I have read the article twice now.

Nkozi
Nkozi
10 months ago

Same bullshit, just named cowshit

Gulugufe
Gulugufe
10 months ago

Shame, you may not grasp this! The problem is our country is so laid back and people will not appreciate the importance of this. I am used to this because I just do not have the time to stop and key in my pin. All I do is extend my arm, bingo! Payment done! Getting on a train, bus and any small purchases.

Njoka
Njoka
10 months ago

Me too see no news

Talk Tough Act Tough
Talk Tough Act Tough
10 months ago
Reply to  Njoka

Utter nonsense. Pure re-reinvention of the wheel.

Balazi
Balazi
10 months ago

Me too I don’t see the added value because you still carry the card, you still input a pin, and you still insert/swipe the card for K50,000 and above transactions!! NBM WHAT WERE YOU THINKING?

Zondeni
Zondeni
10 months ago

True

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