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, V.G. Mathew, MD and CEO, SIB said.
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,” said T.R.
Ramachandran, Visa Group Country Manager for India and South Asia said.
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