Contactless Transactions

The Covid-19 epidemic has profoundly altered our lives. Contactless interactions have become the credo to live by due to societal distancing standards. During a transaction in the market, consumers are hesitant to make a change. The majority of them began carrying lower denominations, but it became too tiresome over time. Making and receiving payments via contactless transactions came to the rescue.

Hundreds of thousands of individuals were able to go about their vital shopping during the shutdown limitations or thereafter thanks to Paytm and Google pay. And once customers get into the habit of using contactless transactions, there’s no turning back. People, on the other hand, are always seeking new ways to save money, therefore they look for contactless payment solutions.

What is a contactless transaction?

Customers may purchase items and services more easily using any safe means of plastic money payment. Credit or debit cards, smart cards, chip cards, or any other type of payment device are accepted. They employ radio frequency identification (RFID) or near-field communication (NFC) technologies to conduct contactless transactions.

The contactless payment method, often known as tap and go, entails collecting payment devices at point-of-sale. Customers are not obliged to use identification pins or swipe their plastic money at this location. 

Customers who pay with plastic cash can pay for whatever items or services they choose. It makes use of chip cards, RFID technologies, or payment gadgets that don’t need swiping or entering a PIN (personal identification number).

Merchants who utilise this technology have their own terminal at the point of sale. When the system from the merchant’s end accepts the payment from the consumer, they move their chip-infused gadgets close to the symbol signalling contactless payment at the moment of payment.

As a result, the chip within the card permits the electronic transfer of information to the bank. When the system receives the signals from the chip, it signals the consumer to make the payment by flashing green light. The transaction is therefore finalised once the approval is received.

The contactless payment mechanism has literally come to people’s fingers these days, due to the development and widespread use of technology, such as smartphones, tablets, computers, and other gadgets. It has simplified purchases by simply linking their payment devices to the chips, allowing for contactless transactions.

Customers merely need to download an application that retailers require so that they may securely save their personal card information and make payments with a single click.

Contactless payments comprise a multi-layered strategy that not only makes the entire procedure a breeze but also makes it safer for customers to perform transactions. Bankit Prepaid cards offer all of the payment options needed to conduct a contactless transaction, anywhere and at any time!

Why Contactless Transaction?

Customers have avoided going out to shop in the aftermath of the epidemic unless it is absolutely necessary (stats showed ballooning the online sales and purchases which have given a major boost to numerous conglomerates all over the world). Similarly, retailers have avoided having too many clients in close proximity for fear of the virus spreading.

This has created a very dynamic economic ecology, encouraging many service providers to innovate via the use of technology. The supply of information about merchants nearby who provide requested goods and services is one of these breakthroughs. Most of the remedies were either not in place at the time or did not garner as much traction as they did.

If we talk of the advantages that the contactless transactions have cultivated and catered to, majorly they are as follows: 

• Better Operational Efficiency: Given how everything has been connected in isolation, many teams are monitoring and striving to improve the efficacy of various components of the phygital system. Since the gadgets directly connect users to banks for payment, the operating costs have been drastically lowered. As a result of the contactless manner of transactions, both merchants and customers have improved operating efficiency.
  
• Better Customer Experience: In the contactless method of transactions, technical and operational difficulties have been eliminated. This has resulted in a significant decrease in operational efficiency, but the customer experience has improved significantly.
  This is especially true because customers do not need to use smartphones to make payments; instead, they may use smart watches and other smart gadgets to make purchases with only a tap of the screen. Given the programme’s user-friendly user interface, this has assisted in the creation of a wonderfully energising experience!
  
• No Extra Cost: Customers that use these services for contactless payments and transactions do not need to pay for any subscriptions or services. They may do business simply by downloading software on their smartphones and other smart gadgets.
  
• Lesser time: Going contactless saves both customers and retailers a lot of time that they may put to better use. The extremely efficient and simple-to-use user-interface-based services also help in a short amount of time.
  
• Fraud Protection: They protect users from mishaps such as data or personal information leaks to third parties that may try to get unauthorised access to client PINs since they operate in a highly systematised mode and employ advanced technology.

Priceless Opportunity to prefer Bankit Prepaid Cards 

There are numerous prepaid card services can help you shift from cash to contactless payments thanks to its simple operating features. These are comparable to existing plastic currencies (credit and debit cards) in that they just require a prepaid balance deposit to make transactions.

Users can trade up to 2 lakh rupees per year or 1 lakh rupees per month, starting as soon as the card is issued. The LYC criteria are very minimal. According to the RBI’s guideline, the card’s maximum holding limit at any time is Rs 1,00,000/-.

Some of these prepaid card service providers also offer reloadable prepaid cards, which may be filled by issuing money to be placed into their cards or using the Bankit online application at any Bankit retail operator.

Types of Prepaid  Cards:

• Prepaid card services for online shopping: With a Bankit prepaid card, you may go cashless when shopping and get the best discounts and cash back.
  
• Reloadable prepaid card services: Money may be reloaded up to the RBI’s limit via the online Bankit application or by making a deposit at a local retail outlet.
  
• Virtual prepaid cards: The cards are not really prepaid cards that are physically issued, and the credits for them are sent to customers via email.
  
• Gift cards: These are one-time-loadable gift cards that may be given to anybody, including friends.

Key features of prepaid card services:

• Prepaid cards with no balance
• With an OVD (official valid document) number, you may get started right away.
• There is no need for a bank account.
• Use at any store that accepts Rupay and for any merchant’s online transactions.
• Services for instant money transfer to any other card
• The service provider apps may be used to reload the card at any time and from anywhere.
• With operational bank-level security measures, it’s quite safe.
• Get rewards such as loyalty points and other perks.
• Take advantage of enticing discounts and cashbacks on fantastic brands.

Conclusion

Going contactless will undoubtedly become the standard of the century in the near future, given the complexity of technology in management and financial systems favourable to the technology. It would be much more convenient to utilise mobile applications instead of your PINs for credit, debit, and these prepaid cards. To help with this, several suppliers’ virtual and wearable card solutions may be a better match, allowing clients to keep track of their credits via email communication while also receiving appealing discounts and reward chances.

These cards are appealing to conduct transactions of any sort since they allow transactions with any business. As a result,

GO CASHLESS AND USE PREPAID CARDS!