WiFi Symbol on your Debit/Credit card??? Advantages and Disadvantages of 'Contactless Payment' Explained!!!

"Making Payments Contactlessly"
Contactless Payment
Image Source: Getty Images
     Debit 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 using. This method or way of payment is increasing in developed countries. Visa claims that other than US, more than half the retailers in Australia, Canada, UK and France accept this card 

     In India, this trend is getting set in many supermarkets, where payment is being made at the POS terminal by this method.

"Making Payments Contactlessly"
Making Contactless Payment at a Restaurant
Image Source: Getty Images

  •  Advantages Of "Contactless Payment"

  1.  Payment made by Contactless card is quite fast compared to swiping cards. 
  2.  You do not have to hand over your card to some other person while making payment.
  3.  There is no need to type the password for small transactions. 
  4.  It creates digital lists of expenses. 

  • Disadvantages of "Contactless Payment"

     While most banking facilities promote it as safe, there are many cases theft that have been reported. In 2016, an image went viral on social media where a man was holding a POS in a crowded train and receiving payments from the nearby contactless cards without even the owners knowing it. As scary as it seems, the thieves can go to any extent.

     Most of the banks claim that this way of payment is very secure because the card needs to be very close (1-2 inches) to the payment machine. However, that will not be a problem in case of a crowded train.

    However, a merchant who has done his KYC will not use his POS (point of sale) terminal for frauding people as it can be easily traced. Also a limit of Rs. 2000 has been set by the RBI for transactions done by Contactless card. The users have to enter his pin for making payment over that.

    Also if your card gets lost, the anyone can use it for making payments up to Rs 2000 without needing to enter the pin or password. You might think the amount is not that much but they can carry out such transactions number of times, thus increasing the amount of theft.

     This technology is in its initial days hence, there are no major frauds reported till now. This technology is very beneficial in many cases however, dangers related to it cannot be ignored.

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