After launching a Digital Village in Gujarat,the leading credit lender of India,ICICI Bank has come up with new type of credit card and debit card for its customers.This is a Contactless Coral Credit Card and Expressions Wave Debit Card and first of its kind in the country.As the name speaks itself,you need not insert this card into POS or Point of Sale machine.
Contactless Credit and Debit Card has an electronic chip and a radio frequency antenna in it.You just have to carry it closer to the POS.If the POS from the merchant is enabled for the contactless card payments,the communication between the POS and the Contactless Card starts wirelessly,exchanging the payment details.You need to keep the card within 4 cm distance from the POS to make it work.
Contactless Credit Cards are different from simple credit cards only in method of making payment,otherwise both are similar.Interest free period of maximum 52 days,various charges or penalties are similar to simple credit cards.While making payment,you would be asked to enter your four digit PIN if it is latest chip enabled credit card.The payments made via these Contactless Cards are highly secure and encrypted.
The advantage of having a Contactless Card is that you are free from the risk of forgetting your card at merchant terminals while in hurry.You can make payments wirelessly even without taking this card out of your wallet.If you have more than one Contactless Card in your wallet,you would need to take it out.So this is a highly secure method of payment as the card doesn’t leave your hand.
You can use this card anywhere provided the POS is enabled for wireless payments.If this is not so,you can always use it as a simple credit card by swapping at the POS.
This is definitely a step ahead in providing digital banking services to customers.Hopefully more credit and debit card providers will come forward with these kind of innovative ideas in near future.