Have you ever imagined that there will come a day when you don’t have to swipe your credit card or debit card or even enter your PIN to authenticate a transaction? Get ready, because with a contactless credit card or debit card, you can do just that! Contactless payment is bringing about a revolution to India’s payment system, adding both convenience and security to transactions.
With the RBI mandates to further secure credit card contactless payment, Mastercard contactless cards and VISA cards in India are becoming more common by the day. Read on to know more about how contactless payment works and how you can best use the credit card tap to pay facility.
All you have to do is tap or wave your contactless credit card at a close range, about two cm close to a contactless-enabled credit card POS machine or terminal. The entire payment process happens in just 3 seconds, which also saves time! Since you don’t need to hand over the card to the merchant, and these cards feature various levels of security, using a contactless credit card is a lot easier and convenient.
Speaking of security, the following measures have been taken to protect your interest as a holder of a contactless credit card.
RBI restricts credit card tap to pay transactions over Rs.2,000
If your contactless credit card is used fraudulently, the issuer is mandated to cover the entire loss
How does a credit card contactless payment work?
A contactless credit card has an in-built mechanism that assists in carrying out the credit card tap to pay transaction. Just like chip-based cards, these contactless cards also feature a chip that works using radio waves. So, once you wave or tap your contactless credit card near the card reader, an antenna detects your card’s signal and transmits your card information to the POS terminal. Your transaction is then completed using RFID technology.
Some merchants also use smartphone equipped with the near field communication (NFC) technology to process contactless payments. This also works in the same way as above.
Keep in mind that once you opt for a contactless card, you can’t deactivate the tap and pay option as the card is shipped with the RFID technology chip. However, a contactless credit card houses both the contactless technology and the standard EMV chip, which allows you to pay by using any method as per the interface available with the merchant. It is because of this feature that such a card is also called as a dual interface card.
Now that you know how the credit card contactless payment works, apply for the Bajaj Finserv RBL Bank Platinum Plus SuperCard, a feature-rich contactless credit card that is sure to make your life easier. Take a closer look at all the benefits that you stand to enjoy with the Platinum Plus SuperCard.
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Up to 4000 joining reward points
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50-days interest-free ATM withdrawals
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90-days interest-free emergency loan
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Convert purchases into easy EMIs
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Discounts on movie tickets, fuel surcharge waives, complimentary airport lounge access and more
So, check your pre-approved offer from Bajaj Finserv to benefit from tailor-made deals and enjoy one-step, hassle-free online approval of a rewarding credit card!
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