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.
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