Mega Bank launches contactless payment via cards

Kathmandu, Nov. 27

Mega Bank Nepal Limited has launched Contactless (NFC – Near Field Communication) based payment through cards.

“Contactless is ‘Tap and Pay’ – convenient way of payment, as customer can use their card in contactless enabled POS terminal without inserting cards,” said the bank in a statement on Thursday.

When one NFC-enabled device is close enough to another NFC device, a connection can be established and data is shared between them.

For example, when a customer taps 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 NFC technology.

 Anupama Khunjeli, CEO of the bank 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.”

As per Central Banks 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.

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.

The bank operates its services with 206 branches, 31 extension counters and 142 ATMs.

Published in The Rising Nepal daily on 28 November 2020.