VISA, Uganda Bankers Association in contactless payments partnership
Salma Ingabire, the country director at VISA Uganda, Rwanda, Burundi and Tanzania, said Uganda has more than 3 million cards but only 6% are on Point-On-Scale (POS).
Uganda Bankers Association (UBA) has partnered with VISA, a global leader in digital payments, to spearhead an innovative training program aimed at accelerating the growth of contactless payments in Uganda.
The two entities have collaborated to equip Ugandan bankers with the knowledge and tools needed to embrace the transformative potential of contactless payments.
The partnership will empower the banking sector and drive the adoption of contactless technology, foster a future of seamless and efficient transactions across the country.
Wilbroad Owor, the Executive Director of UBA, speaking at an event held at Golden Tulip on Wednesday, said that such partnerships are important in this new digital space.
“The market is tough and some new players have come up with solutions. A partner that brings new resolutions is an important one. VISA has strengthened security more than ever and any solution by a partner like VISA strengthens confidence,” Owor said.
Contactless payments utilize Near Field Communication (NFC) technology, allowing users to make transactions by simply tapping or waving their contactless-enabled cards, smartphones, or other devices near the payment terminal.
This eliminates the need for physical contact with payment devices, making transactions quicker and more hygienic, especially in a world shaped by the COVID-19 pandemic.
The adoption of contactless payments in Uganda has been accelerated by collaborations between global payment giants like VISA and local financial institutions, including banks and mobile money providers.
As a result, various businesses, including supermarkets, restaurants, public transportation, and even street vendors, are increasingly accepting contactless payments.
Salma Ingabire, the country director at VISA Uganda, Rwanda, Burundi and Tanzania, said Uganda has more than 3 million cards but only 6% are on Point-On-Scale (POS).
“This percentage has not changed in a long time and the number of cards keeps increasing but the use is still low. Most people use the cards when they travel abroad. We need to create awareness about digital payments,” Ingabire said.
