Contactless debit card payment is the latest in secure technology. It can help spend less time at the cash counter and give you the freedom to do the things that matter most to you.
It’s fast and convenient. For transactions up to ₹2000 to 5000, just tap to pay using your contactless debit card at a contactless payment terminal and there is no need to enter a PIN. For transactions more than ₹5000, you can still enter a pin to pay, but you will need to enter a PIN to complete the transaction. Contactless debit cards are accepted by all leading merchants in India. Visa company is also providing contactless visa cards.
What is a contactless debit card?
In simple terms, a contactless debit card is a secure payment card that requires no input from the cardholder. In order to make a payment using this card, the cardholder just needs to tap it against the terminal.
This eliminates the need for entering a PIN number every time. Instead, all the activity happens through the chip embedded in the card. A contactless debit card is basically a card that has contactless payment technology embedded in the card.
The card contains an electronic chip that is similar to the chip in a contactless smart card. The chip has a radio transceiver, a microprocessor, and a battery which makes it contactless. The card is secured with the PIN number which is sent in each transaction.
Which Bank Provide Contactless Debit Card
In today’s fast-paced era, almost all banks provide contactless debit cards. If your account is in SBI Bank, Axis Bank, HDFC Bank, ICICI Bank, Canara Bank, Indian Bank, PNB Bank or Punjab & Sind Bank, then you can demand a contactless Debit card from your bank. Contactless debit cards are not only available for savings bank accounts but also for corporate bank accounts. Along with contactless debit cards, now banks are also providing contactless credit cards to their customers.
How does it work?
When you carry your contactless debit card, you can make contactless payment at all contactless payment terminals for any amount from ₹2000 to ₹7,500.
The contactless debit card is as much at home in the metro as in a village and can be used for all your personal and business transactions with ease.
Contactless debit card: Features
Does not require putting in a PIN
Decentralized and portable
Using the contactless card, you can make cashless payments up to ₹7,500
There is no need to set up a monthly or yearly fee
There is no minimum balance required. You can link your debit card to your bank account. However, if your balance is below ₹1000, there is a facility to set up a minimum balance of ₹500.
Advantages of Contactless Debit Cards
You can start spending on your contactless debit card within a few seconds. Just tap to pay and be done. This means you need not stand in long queues to make payments, and you can be home with your purchases in less than 30 seconds.
When you spend less time at the cash counter, you can focus on more important things, like what your son or daughter is studying at school, where you want to go on vacation, and if you should make more grocery trips. You can save time, as you can swipe your contactless debit card for shopping and not have to wait in long queues.
No need to enter a PIN. You can even make payments with your contactless debit card without entering a PIN.
Contactless debit card payments are faster than cash payments.
Is it safe to use contactless debit cards?
Your contactless debit card works on the security of Mastercard tokens. Mastercard tokens are a virtual payment device that allows you to make payments without entering your pin. Mastercard tokens require you to be at the contactless payment terminal and nothing else. The token can only be accessed by the user.
Do you need a PIN or need to enter a PIN before every transaction?
Yes, You may have to enter your pin after more than 5000 transactions to confirm it.
Does it take longer to process a transaction?
For a contactless debit card transaction, it typically takes 2-5 seconds, but it may take up to several seconds for some more advanced payment terminals.
Is it a secure solution?
A contactless debit card has a security feature where there is no need to enter a credit/debit card pin number or security code.
What are the disadvantages of contactless debit card payments?
There are a few disadvantages of using contactless debit card payment:
It is not accepted by all merchants: This is a common concern that a lot of merchants have with contactless debit card payments. They aren’t willing to accept contactless debit card payments as it takes away a large number of transactions that can be made with cash.
Contactless debit card payments are not available to all merchants: This is not true anymore. What we have today is an acceptance for contactless debit card payment by all leading merchants in India.
It is less secure for payment up to 5000.
Anyone can use a contactless debit card without your permission for payment of 2000 to 5000.
There are a few unsecured questions that arises in the mind of the customer.
What are the benefits of using contactless debit card payments?
Is contactless debit card payment safer than other methods?
Conclusion
The usage of debit cards is changing rapidly and so are the devices that we use to pay. Banking is becoming mobile and the options for payments are growing.
Contactless debit card payment is the latest in secure technology. It can help spend less time at the cash counter and give you the freedom to do the things that matter most to you.
It protects your debit card chip because when we swipe the card for every small or big transition, the chip of the card gets damaged.
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