ZARFUND: The easiest way to earn Bitcoins. Click HERE


How to use POS for making payments

It is no longer news that CBN's directive that Nigeria's economy should become cashless is in full operation in Lagos state. Businesses are now required to get POS(Point of Sale) machines. This is aimed at reducing the amount of physical cash in our economy. An ATM or Debit card is required to effect payment. Follow the steps below to use a POS machine:

* when you enter a store, pick you needed items and hand over your ATM/Debit card to the storekeeper.
* He/She will put the ATM into the machine and type the amount you are to pay.
* Confirm that the amount typed is the cost of items you picked.
* You then input your "ATM Pin number", you have to be careful so that the storekeeper does not see your PIN; then press ENTER.

If you did everything correct, money will be transferred from Bank Account to the store's Bank Account. Two receipts are usually printed
one each for the buyer and seller.

Remember that the transfer between banks is handled by ATM monitors like Etraanzact or Interswitch (check behind your ATM to see yours),so it is very safe and secure to use.

One of my friends who is Computer Accessories supplier went to Lagos recently without knowing of this new development and became stranded when he was told he could not withdraw a large amount of money due to "Cashless banking". The guy even forgot to carry his ATM there. He did not find funny at all. He therefore could not buy everything he wanted. Once CBN is through with testing in Lagos, it will move to
other states.

1 comment:

  1. It is good that you post this,cashless economy has come to stay. my fellow country people let us accept the challenges,thanks


Blogger Wordpress Gadgets