Contactless Debit Cards
The contactless debit cards are working on the principle of Near field communications. This technology is created with the help of radio transmissions for establishing contact between cards and POS terminals. So, using contactless debit cards, customers can easily make transactions without any physical contact and just by waving the card instead of swiping it. One big advantage of having a contactless debit card is the fact that the cardholder will also be able to make normal transactions by dipping or swiping the card.
Key highlights of Contactless Debit Cards
- Speed and convenience- Market research shows that average time in POS is reduced to 30 to 40% with the innovation of contactless debit cards in India.
- The Contactless debit cards working at is 63% faster as compared to normal cash transactions and 53% more than normal card transactions.
- Offers better convenience to cardholders and increases the sales volume, better customer servicing for merchants.
- The contactless payment system is equipped with sophisticated chip technology and multiple levels of encryptions to guarantee safe and secure transactions.
- The chances of loss or misplacement of contactless debit cards are minimal during the course of the transaction because it will be in the customer’s hand.
- The contactless debit cards are used in over 10 lakh merchant stores in India and over 30 million merchant establishments across the world.
- The contactless debit card can be used for other purposes like ATM cash withdrawal, secure online shopping, and safe e-commerce purchases.
Features and benefits of Contactless Debit Cards in India
- The transactions in Contactless debit cards are more secured as compared to normal debit cards. The reason is that card is not handover to the merchants.
- In the busy retail environment, contactless debit cards are enjoying a higher advantage as the customers need not have to worry if they are falling short of cash. It enjoys greater convenience as compared to conventional cards.
- At present, both Visa and MasterCard variants for contactless debit cards are offered in India. Contactless technology in Visa is powered by “Visa PayWave” and by “MasterCard Contactless” in MasterCard.
- ICICI Bank and SBI Bank are some of the popular banks in India offering contactless cards. Many banks also offer exclusive deals like access to airport lounges and fuel surcharge waivers.
- The contactless debit cards can be used as regular cards also at all Visa/MasterCard enabled outlets even in the merchant terminals not designed for contactless payments.