Everything You Need To Know About Using Contactless Payment Credit Cards
2017 has been a game-changing year for credit and debit cards. It’s the year when banks upgraded their payment cards with embedded microprocessor technology called EMV. EMV technology makes it possible for people to safely use their payment cards and mobile phones to pay for purchases at checkout counters, terminals and perform transactions at ATMs that can accept them. In a nutshell, this made credit and debit cards more secure.
This paved the way for the next phase, making most cards contactless payment ready. These cards work by utilizing near-field communication (NFC) technology to communicate with contactless-enabled payment terminals, such as the Visa payWave point-of-sale (POS) terminals. They also possess the same level of security that regular EMV chip cards carry.
While not all banks have this in the Philippines yet, it’s worth noting that there are at least three bank clients currently offering 12 different Visa payWave card products that can be used on over 1,000 terminals deployed in more than 20 client merchant. Although this feature has been around since 2013, its adoption by retailers has picked up speed in recent years and now anyone who’s keen to use contactless card can now do so.
According to VISA, Filipinos have a positive attitude towards emerging payment technologies, a sign indicating that the country is gearing up to become a cashless society. And, what better way to go cashless than to have a credit or debit card which can let you pay with just a single tap – literally!
How to get my contactless payment card?
In the Philippines, at least 3 major banks are already offering contactless payment cards: Citibank, BPI, and BDO. Contactless cards such as Visa Paywave or Mastercard PayPass are mostly limited to credit cards. If you own one from any of these banks, ask your bank to upgrade your card to a contactless credit card, and start tapping away in your next purchase!