What Are Contactless Debit and Credit Cards in India?
What Are Contactless Debit and Credit Cards in India? Following ICICI Banks, almost all banks will soon launch Contactless Debit and Credit Cards in the market. The latest cards will use the near field communication (NFC) technology to make payments at outlets. How does Contactless Debit and Credit Cards in India Work? Such card holders need not swipe the card at the POS (Point of Sale). They can simply tap it on the terminal and pay for your purchases. After tapping, enter the PIN, within seconds it beeps and a sales slip is issued when transaction is completed. However, on such cards, signature is not required. The merchants include quick service restaurants, coffee shops, shopping marts and fuel stations where fast transactions are much required. The Bank plans to shortly extend this facility to other cities as well. Benefits of Contactless Debit and Credit Cards These cards require significantly less time compared to other cards to complete a transaction. While,