The Value of Contactless Debit Cards

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  • The Value of Contactless Debit Cards

August 20, 2020

Technology is ever evolving. One of the major recent advances in banking is contactless payments, which allow for consumers to have quick and convenient transactions. Compatibility between contactless cards and smartphone technologies now allows digital uploads of client cards, eliminating the need for consumers to carry physical cards.

If you’re looking for ways to add efficiency, flexibility, and safety with how you spend your money, here are four reasons why switching to contactless debit cards can be valuable to you.

They are simple to use

Just tap to pay! Among all these payment methods, contactless payments have become the preferred option due to their overall benefits. All it takes is for the customer to wave their card or phone near the reader, and the purchase is made. Contactless payment is achieved with RFID (radio-frequency identification) technology, called NFC (Near Field Communication). NFC takes place though radio frequencies that allow a card or phone to communicate with a payment device when near a point-of-sale terminal. Once the information is transmitted by a user tapping or waving their debit card or phone, a signal is sent alerting that the payment has been processed, and the money is taken out of their account.

They offer more flexibility

Forgot your wallet? With contactless cards, that's no longer an issue. Contactless technology and its compatibility with mobile wallets like Apple Wallet and Google Pay can allow clients to access their money on different platforms. This gives clients the freedom to still have access to their debit or credit accounts even if they don't have the card physically on them. A major benefit of contactless cards is convenience; clients can expect swift transactions that don't require multiple authentication steps to make a payment, which is normally required when using a chip or magnetic swipe card.

They are secure

Contrary to popular belief, contactless debit cards are more secure than traditional debit cards. Contactless cards are protected through encryption and data technologies that offer more security than other payment methods. Since contactless debit cards rarely need to leave a client’s hand to make a purchase, it can prevent any data from being stolen. Fraud and data-breaches are more common when a chip or magnetic strip is used, due to outdated technology making it easier for cards to be duplicated or stolen. For mobile users, purchases made using digital uploads of their cards require authorization and are done through secure-identification methods like a thumbprint or password.

They are safe

Given the current pandemic, switching to contactless payments is also a great way to stop the spread of COVID-19, since it limits the amount of physical interactions clients have with a POS (point of sale) system or pin-pad. By tapping your own smartphone or card to make payments, you can avoid touching communal objects.

Here are Moya Financial, we are proud to announce we will be launching contactless debit cards this September! To learn more about making the switch to contactless cards, contact us today.