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Maga Bank launches contactless payment system

megabanknepal.com

Kathmandu, November 26

Mega Bank Nepal Limited has launched a contactless (Near-field communication-based) payment system through cards.

The tap and pay system is convenient as the customers can use their card at contactless-enabled POS terminals without inserting cards, informs the bank.

When one NFC-enabled device is close enough to another NFC device, a connection can be established and data shared between them. For example, when a customer taps the card on a contactless card reader or while using a transport card to catch a train or bus, the card communicates data to the reader to initiate and complete the transaction using the NFC technology.

The bank’s CEO Anupama Khunjeli says, “Since our 3D secure services for EMV chip cards already play a significant role, it enhances security, which is a critical aspect of any online business transaction.”

The bank claims this has been one of the greatest indicators that Mega Bank is together with Nepal government’s call for encouraging cashless transactions by creating timely innovative digital solutions.

As per central bank’s regulation, payments of up to Rs 2,000 can be made without entering a PIN if the terminal is capable to accept contactless payment technology, also depending upon the acquirer’s condition on the requirement of the PIN.

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