Home Blog #Fincabulary 31 – Contactless Payment
Blog

#Fincabulary 31 – Contactless Payment

Meaning – It is a secure method for consumers to purchase products or services via debit, credit or smart cards (also known as chip cards), by using RFID technology or near-field communication (NFC).

To make a contactless payment, a person simply needs to tap their card near a point-of-sale terminal – leading to the nickname “tap-and-go”. Since contactless payments do not require a signature or a PIN, transactions sizes on cards are limited. The allowable amount for a contactless transaction varies by country and by the bank. Examples of non-credit or debit card contactless payments include transit cards, Apple Pay, Android Pay and Google Wallet.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Can you buy Space in Space?

Editor – Swetha Jaya Consider negotiating property boundaries with adjacent black holes...

Future Commerce and the Impact of manipulating commodity

Commerce is defined as “the buying and selling of things”. This holds...

Impact of the Russia-Ukraine War on Global Economy

Introduction On 24th February, 2022, Russia launched a full scale invasion of...

CLIMATEFLATION

These two words—climate change and inflation—are commonly read or heard in our...