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National Bank launches contactless transactions

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CONVENIENT—An NBM official demonstrates how the innovation works

National Bank of Malawi plc (NBM), has introduced contactless transactions on its debit and credit cards when making purchases using Point of Sale (POS) devices and withdraws from Auto Teller Machines (ATMs).

This came out when the Bank conducted the final draw of the Swipe and Win promotion over the weekend.

The innovation will allow customers make transactions by bringing their debit or credit cards closer to ATMs or POS devices without inserting them into the machines.

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NBM Head of Cards and E-Banking, William Kaunda, said contactless transactions are a convenient, smart and fast way of transacting.

“It is my hope that clients will enjoy the value that comes from using the contactless payment mode. However, for customers to enjoy the innovation, they need to get a contactless enabled card.

“For low-value payments, no pin or any other type of verification is required and security wise there is low risk of card cloning,” Kaunda said.

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Commenting on the promotion Kaunda said throughout the duration of the promotion, 200 individual lucky customers got their cash back after using visa debit or credit cards on POS machines.

He said 45 merchants were also rewarded for increasing traffic on their POS machines.

“The figures that we have are very satisfactory, with significant increases in the usage of both debit and credit cards as well as POS machines.

“A comparative analysis of transactions during the same period in the previous year reveals an increase in both active cards and values transacted. We hope that this promotion has laid a foundation for our clientele to build the habit of utilising digital channels in making payments going forward,” Kaunda said

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