contactless payment

Meaning Of Contactless Payments

Contactless payments unlocking a new level of convenience with debit cards

The world of payments has transformed dramatically in the last few years. From the good old cash transactions to cheques, credit cards, and now, digital payments, we've come a long way. Lately, we've seen a fascinating and convenient trend emerge - contactless payment methods. Think about walking into a shop, picking up what you want, tapping your card on the reader, and walking out. No swiping, no pin, no hassle. That's the beauty of contactless payments. And guess what? Your everyday debit card can become a magic wand enabling these breezy transactions. Interesting? Let's dive in and explore this further.

Before we get into the details, let's see what contactless payment is. In simplest terms, contactless payments are transactions that require no physical contact between the payment card (and your smartphone) and the payment terminal. All you need to do is tap your card or phone near the Point of Sale terminal, and voila! The transaction is completed in seconds. That is all made possible thanks to Near Field Communication (NFC) technology, which allows data exchange between devices close to each other.

The convenience of contactless debit cards

If you're a keen user of debit cards, there's an added feature to the newer ones available in the market. Now that we've got the basics covered let's talk about why you'd want to use contactless payments and, more specifically, why you'd want to use your debit card for these. 

1. Speedy transactions:

Let's start with the most obvious one - speed. No more fumbling for cash or waiting for the card machine to process your payment. A simple tap, and you're done! It's the fast lane we all need in our busy lives.

2. Ease of use:

Using contactless payments is as easy as tap-and-go. There are no complex steps involved. But what is debit card tapping? All you need is a card enabled for contactless payments or a smartphone with NFC contactless payment.

3. Safety:

Contactless payments don't just provide convenience, they also add a layer of security. Your card never leaves your hand, reducing the risk of skimming. Plus, each transaction uses unique encryption, making it difficult for your information to be reused or stolen.

4. Limitless possibilities:

From grocery stores and restaurants to public transport, contactless payments are being accepted at more places than ever before. So, your debit card just became your universal key to swift payments.

5. Hygienic:

Contactless payments are the perfect answer to your personal hygiene. You can avoid handling cash or touching the card terminal, and still sail through your payments seamlessly.

All in all, using contactless payments with your debit card makes life easier and safer. It's like having a superpower in your wallet! So, are you ready to join the contactless revolution?

Must Read: What is a Contactless Debit Card?

Setting up contactless payments with your debit card

So, are you all set to go contactless with your debit card? Let's walk you through the process:

1. Get a contactless card:

The first step is to ensure your debit card supports contactless payments. Many banks now offer contactless debit cards. If your current card doesn't support it, you can request a new one from your bank.

2. Activate your card:

Once you have a contactless debit card, you need to activate it. This process might vary from bank to bank. Some banks activate it when you make the first transaction using a PIN. For others, you might need to call customer service or use online banking for activation.

3. Learn the tap to pay gesture:

Now that your card is activated, it's time to make a payment. Just hold your card close to the contactless symbol on the card machine at the checkout point. Wait for the beep or green light, and that's it - the payment is done! Remember, you don't need to swipe or insert your card into the terminal.

Before we move to the next sections, let's put a spotlight on a card that's shaking things up in the world of contactless payments. Meet the Kotak811 Image Debit Card. This card takes 'personal' to the next level. Fancy seeing your Favourite picture every time you pull out your card? Well, with this debit card, you can do just that!

But it's not just about looks. The exciting part? This sleek piece of plastic is a pro at contactless payments. Just tap, and voila! You've paid for your stuff. Easy and highly secure. Plus, let's not forget - less contact, fewer germs. A win-win, especially in today's times!

The Kotak811 Image Debit Card is more than just a debit card. It's the way to go for fuss-free, safe transactions. 

Must Read: What is CVV in Debit Card?

Security aspects of contactless debit card payments

Contactless payments are convenient, yes, but are they safe? Absolutely! Here's why:

1. Transaction limit:

To protect against large unauthorised transactions, a contactless payments limit is implemented per transaction. In India, it's typically up to  Rs.5000.

2. Unique encryption:

Each contactless payment transaction is protected by a unique encryption code, reducing the risk of fraud.

3. Card stays with you:

Your card never leaves your sight or hands, minimising the risk of skimming or cloning.

The future of contactless payments

The world is going contactless, and India is no exception. With the government pushing for digital payments, the infrastructure and acceptance of contactless payments are only set to grow. The potential in tier 2 and tier 3 cities is immense as digital literacy increases and the benefits of cashless and contactless transactions are recognised. This technology is a stepping stone towards a more inclusive, digitised economy that bridges the rural-urban divide. The future of contactless payments in India is as bright as it gets! Are you ready to be a part of it? The future of payments is here, and it's tapping away!

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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.