IDFC FIRST Bank mentioned on Wednesday that it will launch a contactless debit card-based payment facility SafePay, next week permitting transactions up to Rs.20000 per day. IDFC FIRST BANK is about to launch the digital facility that may enable payments by merely waving one’s smartphone against a near field communication (NFC) enabled PoS terminal. A social distancing-friendly approach to pay, SafePay gets rid of the need to hand over the card to a merchant or even carry it in the wallet.
Users will have to merely wave, pay, and go, creating the payment method not solely touch-free but also quicker, simpler, and safe choices. The bank claimed it is the primary such facility that is provided in an Integrated Mobile Banking App.
A private sector lender mentioned that the feature has been successfully tested and licensed by Visa and it will be offered to users on the bank’s mobile app in the coming week.
SafePay allows contactless payments of up to Rs.2000 per dealings and up to a limit of Rs.20000 per day. Amit Kumar head(retail liabilities) at IDFC FIRST Bank stated that convenience has been driving the adoption of digital payments and the corporate has seen tap-to-pay technology as vital in digital pay. He added that for a cardholder, it will do with the necessity for physical open-end credit cards. This method can eliminate concern regarding the loss of cards.
Arvind Ronta, head (products) for India and South Asia, Visa mentioned that buyers will build a preference shift to the digital, payments suppliers ought to be able to service any payment need, whether or not through physical debit cards or smartphones. He also mentioned that Visa has already issued over a billion tokens globally and its shoppers have seen a fraud reduction rate of 26% for transactions.
The facility is about to be offered for resident bank account holder having Visa Card and IDFC FIRST mobile app on NFC-enabled Android device with OS 5 and higher.