Contactless Payment Methods – The Regulation Of Quick Response (QR) Codes In Nigeria

A. Introduction

A cashless world was hard to imagine in the 80s and 90s (at least for most of us). It was unimaginable for you to successfully make payments, without cash, a debit or a credit card. What exactly were you to use then?! Right before our eyes, the world began to change, the mobile phone became more than a phone, it became your everything; your notepad, your office, your camera and your payment device (with the use of Quick Response [QR] Codes and Near Field Communication [NFC] tags).

The use of QR Codes as a payment method was introduced by Alipay in 2011 and became a widely used method of payment in China. NFC tags (which are chips built into smartphones) were used in countries like the United Kingdom first.