Contactless Debit Cards, Credit cards: What You Should Know

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    Banks are increasingly coming up with contactless debit and credit cards. ICICI Bank, HDFC followed by SBI launched the contactless cards.

    Contactless cards will have contactless symbol on the cards. Using the card is simple and there is no need to type your PIN in the swipe machine.

    Such cards use the technology called Near Field Communication (NFC) technology for faster payment.

    Contactless Debit Cards, Credit cards: What You Should Know

    How to use the card?

    If the card is having contactless symbol wave the same at the reader with your contactless card. When you see the green light and hear the beep it confirms successful payment. 

    Contactless debit card can also be used as Visa debit card for making higher amount purchases with input of your PIN.

    One can use these cards where the retailers have contactless readers.

    Banks will facilitate the lower per-transaction limits. The responsibility for authorizing the contactless payment based on such card-based limits will lie with the card issuing banks.

    How many such small value transactions will be allowed in a day / week / month can be put in place by banks as considered appropriate.

    A Few Things To Be Careful About

    Customers can use the card in contactless mode means without PIN authentication for transactions upto Rs.2000/- in locations where contactless payments are accepted.

    Know the procedure of reporting of lost/stolen cards, which can be accessed through multiple channels via website, phone banking, SMS, IVR.

    GoodReturns.in

    Read more about: debit cards
    Story first published: Saturday, May 16, 2015, 12:46 [IST]
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