What is Contactless Payment? How It Works?

April 02, 2022

What is Contactless Payments?

Contactless Payment allows customers to pay for goods and services using their Debit or Credit Cards, featuring the RFID technology. Using these cards is one of the most popular payment methods, when it comes to making an in-store transaction. These cards make transactions smoother, as they allow the customer to pay, without making any contact.

Read on, to know more about Contactless Payment and how it works.

Making transactions is becoming easier. There are many ways to make payments, effortlessly. One of these methods is Contactless Payment.

What is Contactless Payment?

Contactless Payment allows customers to make payments, without using cash or swiping the card. The customers must ‘Tap’ or ‘Wave’ their card over a card-reader to use this method. After that, the terminal will connect with the Bank Account and the payment will be made, quickly.

How Does Contactless Payment Work?

Cards that allow customers to make Contactless Payments use Radio Frequency Identification (RFID) technology. When the card is held near a card-reader, the card communicates with it, to process the transaction.

The card-reader authenticates the card’s information, when tapped or waved over the reader. After that, the Merchant’s Point-of-Sale system transmits the transaction to the card issuer. The card issuer approves the transaction after analysing it.

Contactless payment on phone is also an option if people want to use their phones to make transactions.

Contactless payment on phone is also an option if people want to use their phones to make transactions.

  • It’s a secure payment method

People might think that Contactless Payment is a risky method, as anyone can steal their card information. However, Contactless Payments are very secure. Since they are authenticated payments, it’s hard to breach them.

The data on the card is encrypted. Hence, it becomes difficult to conduct unauthorised logins and steal the card information.

  • It’s a secure payment method

Contactless Payments are becoming popular, as they allow customers to finish their transactions quickly. It saves time, as customers don’t have to enter their PIN while making payments.

Furthermore, customers don’t need to carry cash. Thus, Contactless Payments make transactions hassle-free.

ICICI Bank’s HPCL Coral Visa Contactless Credit Card

If you want a Contactless Credit Card to help you save money on fuel costs, then ICICI Bank’s HPCL Coral Visa Contactless Credit Card is a great option for you. This Contactless Credit Card provides you Rewards Points for doing transactions. These Rewards Points can be redeemed for fuel, at HPCL petrol pumps.

Here are some of the benefits of ICICI Bank’s HPCL Coral Visa Contactless Credit Card:

  • For every Rs 100 spent on retail purchases, except fuel, you can earn 2 PAYBACK Points. 2000 PAYBACK Points can be redeemed for fuel worth Rs 500

  • For purchasing fuel at an HPCL petrol pump, you can get a 1% surcharge waiver and a Cashback of 2.5%. However, the 2.5% Cashback will only be applicable on a minimum transaction value of Rs 500

  • You can also get discounts for booking movie tickets.

Make Transactions Convenient with Contactless Payments

With the help of ICICI Bank’s HPCL Coral Visa Contactless Credit Card, making transactions can now be hassle-free. ‘Swipe’ or ‘Tap’ the card, and your payment will be made.

T&C apply.

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