South Indian Bank launches contactless debit card

Posted on:26 Nov 2016 09:39:30
 South Indian Bank launches contactless debit card
26 November 2016 Current Affairs: South Indian Bank has announced the launch of its contactless debit card. The Near Field Communication (NFC) technology makes the contactless cards very secure, as the card does not leave the cardholder’s possession.

Customers can also opt to use their card as a normal CHIP card and transact in a ‘contact’ mode too. Once the merchant enters the purchase amount in the contactless PoS terminal, the customer simply has to just wave the card on the terminal and the payment is processed wirelessly in a fast and secure manner.

With the fast changing digital banking in the Indian market and RBI’s recent guidelines of promoting PIN-less small ticket transactions, South Indian Bank believes that the contactless technology in cards will be the next big revolution in digital banking in the country.

Going forward, supermarkets, shopping malls, restaurants and fuel outlets in India will see higher usage of contactless cards as they would play a key role in significantly reducing the overall transaction time. The ease of transacting and the speed of contactless payments will enhance the shopping experience.

Contactless is a core element in the future of payments in India. Since its launch, Visa payWave has gained strong momentum and now is accepted at over 150,000 merchants. Visa is committed to making India a less-cash society where electronic payments are secure and seamless.

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs January 2018

21 JANUARY
NEWS
20 JANUARY
NEWS
19 JANUARY
NEWS
18 JANUARY
NEWS

Current Affairs December 2017

31 DECEMBER
NEWS
30 DECEMBER
NEWS
29 DECEMBER
NEWS
28 DECEMBER
NEWS

Current Affairs November 2017

30 NOVEMBER
NEWS
29 NOVEMBER
NEWS
28 NOVEMBER
NEWS
27 NOVEMBER
NEWS