South Indian Bank has launched a contactless debit card, which will make use of the Near Field Communication (NFC) technology. While cards would not be required to be swiped for transactions, customers can also opt to use their cards as a normal CHIP card and transact in a ‘contact’ mode too. Once the merchant enters the purchase amount in the contactless PoS terminal, the customer simply has to just wave the card on the terminal and the payment is processed wirelessly in a fast and secure manner. The bank believes that the contactless technology in cards will be the next big revolution in digital banking in the country. V.G. Mathew, MD and CEO of the bank, said in future supermarkets, shopping malls, restaurants and fuel outlets in India will see higher usage of contactless cards as they would play a key role in significantly reducing the overall transaction time. The ease of transacting and the speed of contactless payments will enhance the shopping experience, he added.
