Contactless Payment India systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification (RFID) or near field communication (NFC, e.g. Samsung Pay, Apple Pay, Google Pay, Fitbit Pay, Merpay or any bank mobile application that support Contactless) for making secure payments. The embedded chip and antenna enable consumers to wave their card, fob, or handheld device over a reader at the point of sale terminal. Contactless payments are made in close physical proximity, unlike mobile payments which use broad-area cellular or WiFi networks and do not involve close physical proximity.
What is Contactless Card?
They are physical cards with built-in radio frequency modules, which means they should not be swiped (such as in case of magnetic strip cards) or chip reading can be read by POS device May be. But it is necessary to keep it close to the RFID reader at the shop. We can say that it is similar to the ID card sensing of the employees. Not only this, these cards make payment more convenient than traditional debit or credit card because they do not need to enter or sign a PIN.
Contactless Payment India
The first contactless card in India was launched in 2015. Since then, the basic infrastructure needed for card utility has increased. In an interview by T. R. Ramachandran in December 2018, with Group Country Manager for Visa in India and South Asia the Hindu, there are more than a million such terminals in India. Be aware that they are accepted by big retail chains like Big Bazaar, Reliance Retail and PVR.
Features of Contactless Card in India
• The card comes with a WiFi icon. Note that payments using a contactless card can only be done at stores that accept this method of payment.
• Transaction processing time is less than a regular debit / credit card payment.
• It works only in proximity, this is the reason that the card is held 4 cm away or near.
• You can not make accidental payments because the cashier in the machine will need to enter the amount of money in the card machine before blowing the contactless card in the machine.
• There is no PIN or signature required for transactions worth less than Rs. 2,000.
• A unique transaction code is generated which prevents you from paying twice for the same purchase.
• Only authorized machines can read the card, the fraud can be stopped under it.
Three times faster payment
For the past few years, a large number of customers are getting debit / credit cards with this feature from Visa, MasterCard and American Express company of different banks. These banks include banks like SBI, HDFC, ICICI, Axis and IDBI. Most banks are telling it more secure on their advertisements and websites. They argue that this facility keeps the card in your hands and there is no danger of cloning. Also three times the fastest payment is being claimed.
How Contactless Card works?
These cards and machines have a special mark. The machine has to be kept or displayed at a distance of about 4 centimeters on this machine and money is deducted from your account. That means the card does not need to swipe or dip nor enter the PIN.
How to protect your Contactless Card?
However, the payment processor believes that there is no threat to the security of the cards, but they say that if a card gets unauthorized transactions, then the cardholder will not be forced to make a payment. Experts say that if you are planning to take a contactless card, you have to keep it wrapped in aluminum foil or put it in steel case. Doing so eliminates the danger of stolen card information using mobile apps.
Benefits of Contactless Card
There are many benefits to using the contactless card and transferring money through it. We are going to tell you about some of the major advantages of these.
More Secure: Contactless cards are much more secure than casual cards because they can be easily blocked when they are stolen and they also have pin facilities. If you keep cash in a pocket, you’ll be scared somewhere, but the Contactless Card will eliminate this fear by increasing your security.
Faster: The contactless card is much faster and with this help you can only complete your transaction in a few seconds. On the other hand, this insecure is also on the other side, while there is also time to pay for it. If you have to send money to someone then the contact less cards will be much better than cash.
Better: Contactless Card is much better. With this help, we can make payments anywhere. If you need money suddenly, then the contact let card comes in handy. Apart from this, you can also do other banking activities with the help of a contactless card. As you can get the Statement etc. through your ATM card.
Is contactless card safe India?
Yes off course Contactless debit/ credit cards are safe to use. The introduction of the contactless card has emerged into a new era in digital banking in the indianmarket.Now RBI is encouraging pin less transaction so this would bring a big revolution in the indian digital banking.