Gone are the days when the one thing that defined transactions in India was only through cash. We have moved way ahead and with the recent introduction of debit cards and NFC cards, sending money to your long distance relative has become easier. Truly, India is moving forward and the recent technological innovation that has just been embraced by the Indians is of course, the "contactless cards". Payment through mobile wallets and othe online virtual softwares is the one simple way to which every online shopper has resorted to.
Contactless cards have been issued by many banks but the baton was taken by the ICICI bank. The bank introduced the contactless cards on 7th January 2015. The upsurge in their popularity is evident as many banks have step forward to ensure that they develop this new technology and make it available for their customers too. The POS machine is common today and these are going to be soon replaced by the NFS enabled machines by SBI bank.
Contactless cards are being touted as the next generation payment methods because people won't have to physically touch their cards to pay for anything. This is already the case with virtual transactions but when it comes to shopping in malls, you won't have to input the PIN like you usually do.
This is possible due to the near-field-communication (NFC) technology that these contactless cards use. This technology helps in exchange of data between devices in the range of 10 centimetre. So, make any transaction you want by just tapping the card on a point-of-sale (POS) machine and it is done.
Now, you have a fair amount of knowledge about contactless cards but venturing into something new especially when it concerns your hard earned money can be daunting, so you should be aware of some of the major pros and cons of the contactless cards which are listed below.
The one reason why everyone would be shifting to the contactless cards is that they are convenient. Yes, they are convenient because you just have to tap it on the POS machine and in the near future, you won't have to do that also because the NFC enabled machines would be there. So, talk about convenience and there you go! These cards are perfect for use in demanding retail environments, like supermarkets, petrol stations, convenience stores, and quick-service restaurants.
Contactless cards are surely here to stay and impact the economy of Indian market in a huge way. But, there is a lot more work to be done on them.
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