New Delhi: Over the past year, the payments industry in India has undergone a period of rapid change, with new technologies and innovations transforming the way we pay. People are slowly and steadily adopting these new methods, and driving India towards a Cashless Economy. Yet these payment methods require you to do a bit of homework.
It takes around 30 seconds to complete an across the counter cash payment, including the time it takes to pull the money out of your wallet, look for change and ensure the money is safely tucked in. However, it takes around three seconds to conduct the same transaction using a contactless card, including the time to pull out your wallet which contains your contactless card, tap against the terminal and tuck it back in. With just 1/10th the time, compared to a traditional cash transaction, contactless payments through Visa payWave can make payment tasks really easier.
“Contactless payments are designed to replace the use of cash in busy retail environments where speed and convenience are important, such as supermarkets, convenience stores, petrol stations and quick-service restaurants. This is particularly suited for countries like India which have high traffic pressures on a routine basis. Consumers have been welcoming the convenience and security that contactless transactions provide”, said TR Ramachandran, Visa Group Country Manager for India and South Asia.
Visa payWave card is your existing Visa debit card, issued by your bank, and upgraded with contactless technology. For transactions up to Rs 2,000, Visa payWave cardholders can use their contactless cards without having to enter the pin, or sign a transaction receipt. With small ticket payments now made easier, your wallet becomes your payment partner.
For any transaction above Rs 2,000, you will be asked to key in your PIN for extra security and personal protection.