Contactless payment is a secure payment method using a debit or credit card, smart card, or another payment device by using RFID technology and a near-field communication system. That is also known as RFID (Radio Frequency Identification). The term contactless payment refers to a secure method for consumers to purchase products or services using a debit, credit, or smart card.
Individual Approach
When the merchant’s system prompts the customer to pay, they bring the card between close to the contactless payment symbol on the terminal. Information is transmitted electronically using information from the chip from the card to the bank.
“With the rise in wireless technology and the popularity of smart devices, consumers can also connect their credit cards to a device—a smartphone, smartwatch, or fitness tracker—to pay using the contactless system as well.
Investopedia.
Making Every Step Easy
RFID technology has made it easy to make payments when they are on-site because it does not need your pin and payment is more secure than ever.
