WiFi Symbol on your Debit/Credit card??? Advantages and Disadvantages of 'Contactless Payment' Explained!!!
Contactless Payment Image Source: Getty Images D ebit and Credit cards are now coming up with an icon that looks like a Wi-Fi symbol. If your card also has such symbol, than you can make payments by it without swiping. It means your card has a 'Contactless feature' . The advantage of a contactless feature is that the payment can be made by just tapping without swiping. This Card has ' Near Field Communication' (NFC) chip, which can be brought close together at a Point of Sale (POS) terminal without touching the device for making payments. According to the official Visa website, for secured transactions between 'Contactless Card' or payment enabled device and the checkout or POS terminal, the contactless card includes short-range wireless technology. When you tap your card or device near the contact signals, your payment goes for authorization. According to the information given on the website, the card should be held 1-2 inch closer for...