Updated: Feb 20, 2019
Days are going to end soon when you need wait in a queue for your number to make payment for your purchases by dipping or swiping your debit or credit card.
India’s largest private sector bank has come out with the Country?s First Contactless Cards, through which you can make payment just by waving your card near the card reader machine.
Here are the 10 points you need to know about Contactless Debit and Credit Cards
1. ICICI, the largest private sector bank has launched India?s First Contactless Debit and Credit Cards, enabling electronic payment without swiping the card.
2. Contactless Cards uses the Near Field Communication (NFC) mechanism, same as found in smart phones. These cards will be read by Electronic Data Capture (EDC) machines.
3. Coral Contactless Credit Cards and the Expressions Wave Debit Cards are the two new cards which are powered by ?MasterCard contactless? and ?Visa pay Wave? technologies to provide the contactless (NFC) or the ?tap and pay? facility.
4. ?ICICI Bank Coral Contactless Credit Card? comes loaded with attractive offers such as 2X reward points on dining, groceries and at supermarkets, dining offers at more than 800 restaurants and complimentary access to airport lounges among other benefits.
5. The ?ICICI Bank Expressions Wave Debit Card? also comes with certain benefits including dining offers at more than 800 restaurants, complimentary access to airport lounges, free accident insurance and purchase protection among others.
6. Both the contactless credit and debit cards can also be used as regular cards at all MasterCard/Visa enabled merchant terminals, even those which are not enabled for contactless transactions.
7. Currently ECDs are installed at the merchants requires speedy transaction such as quick service restaurants, coffee shops, shopping marts and fuel stations.
8. NFC technology would improve the transaction speed and security over traditional mechanism where you need to hand over your card to the person at PoS terminal to swipe.
9. At present these cards are introduced in only three cities Mumbai, Gurgaon and Hyderabad.
10. ICICI bank has always been the leader in embracing the new technologies such as mobile and internet banking.