Contactless Card Payment Gaining Ground in India

A contactless card from State Bank of India

When chips were introduced in debit and credit cards, it was a big safety upgrade over paying by swiping the magnetic strip. Now, contactless payment is slowly beginning to gain popularity and it takes security and ease of payment to the next level.

Ease of payment is because the contactless card need not be inserted in the slot of the point of sale (PoS) terminal devices. In PoS devices that have contactless payment facility, all the customer needs to do is take the card/ smartphone near the reading device and the payment is done. The whole payment process takes about three seconds. The Reserve Bank of India has ruled that for transactions below Rs 2,000, no PIN has to be entered.

Contactless cards are considered as safe as chip cards since there are several layers of security that keep the customer protected from fraud. Additionally, the contactless payment device can process only one transaction at a time.

More importantly, the card does not have to be given to the merchant and the customer has complete control of the card. 

The concept of contactless payments is yet to catch up in India. The concept is on the rise and more merchants are taking up contactless payment devices in their stores.

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