KATHMANDU, Nov 27: Mega Bank Nepal Limited on Thursday launched Contactless (NFC – Near Field Communication) based payment through cards.
Contactless is "Tap and Pay" – very convenient way of payment, as customer can use their card in contactless enabled POS terminal without inserting cards, according to the bank.
Global IME Bank introduces chip-based cards
When one NFC-enabled device is close enough to another NFC device, a connection can be established and data shared between them, the bank said on Thursday. "For example, when a customer taps card on a contactless card reader or while using a transport card to catch a train or bus. In both the cases, the card communicates data to the reader to initiate and complete the transaction using NFC technology," read a press release issued by the bank.
Anupama Khunjeli, CEO of Mega Bank Nepal Limited said: “Since our 3D Secure Services for EMV Chip Cards already play a significant role as it enhances security which is a critical aspect of any online business transaction. This along with our impressive card features including dual interface capability with contactless system ensures that we always meet the evolving technological needs of our customers to give them a world class banking experience.”
The system 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, read the press release.
How much payment can you make?
As per Central Banks regulation, Payments of up to Rs 2000 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. A secure certified Near-Field Communication (NFC) chip embedded POS enables all the functionalities of a standard Contactless Mega Bank Cards, as per the release.
