Contactless Payment Adoption in Nigeria: Overcoming Hurdles
The Future of Payment Conference 2025 highlighted that despite the presence of over 70 million contactless-enabled debit cards, adoption in Nigeria remains sluggish. Brands like Visa, Verve, and Mastercard dominate the market, yet trust issues and lack of awareness persist.
In 2024, Verve reported issuing 70 million cards in Nigeria. Statista indicates Mastercard as the most popular brand, with 27% of cardholders using Visa. The slow uptake of contactless payment represents a significant barrier to financial innovation in Nigerian society.
Key Takeaways:
- Over 70 million contactless cards are underutilized.
- Visa, Verve, and Mastercard are market leaders.
- Trust and awareness are primary barriers to adoption.
Commentary: The potential for contactless payments in the Nigerian market is enormous. A strategic move towards educating users could transform the payments landscape and enhance economic transactions.
Question: What steps do you think could increase awareness and trust in contactless payments in Nigeria? Share your thoughts!
For more detailed insights, visit the original source: BusinessDay.
