India’s first contactless debit and credit cards Current Affairs - 2019
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India’s largest private sector bank Industrial Credit and Investment Corporation of India (ICICI) Bank has launched country’s first ‘contactless’ debit and credit cards.
These cards will provide its customers to make electronic payments by waving the cards near the merchant terminal instead of dipping or swiping.
Facts about ICICI Bank’s contactless cards
- These cards are based on the Near Field Communication (NFC) technology and powered by MasterCard contactless and Visa payWave technologies.
- It provide customers with the improved convenience of speed as these cards require significantly less time than traditional cards to complete a transaction.
- It also enhances security features for the customer.
Presently, bank has introduced these cards in cities like Gurgaon, Hyderabad and Mumbai. ICICI Bank also has provided with over 1200 Electronic Data Capture (EDC) machines that are capable of accepting contactless payments in these cities.