Contact free payments or digital payments have become a wide talk of the town. This has been generated by the rise of e-commerce bringing implications on individuals, businesspersons, governments, and anyone who is involved in the industry. It is important to understand what digital payments are, how they work and how they could be of benefit to the users as well as the associated problems that accrue from using such modes of transactions and commercial dealings. Generally, digital payments are payments that are conducted over the internet and mobile channels. This include any payment that is sent online or through mobile computing and internet-enabled devices. For digital payments to take place, the sender of the payment requires a bank account, an online banking method, a device from which they can make the payment, and a medium of transmission meaning that they should have signed up to a provider or an intermediary such as a bank or a service provider. This type of payment is easy and convenient for both businesses and customers. If you want to avoid physical contact to complete your payment or transaction, touchless payment can be helpful for you. You won’t be needing cash or even have to physically be there to make payment. It has been decades since contact free, touchless or contactless payment was first implemented and used. Back then, only a few merchants and retailers used this technology for their businesses. Now we can see that it has been widely utilised by almost all banks, credit card firms, merchants and retailers around the world. With contact free or digital payments, payment is possible anywhere. It provides a hassle-free and convenient way to complete any transaction no matter where you are, and also saves up time as digital payments are always faster than the conventional method of making payment.
Contact free credit cards have a chip that sends out radio waves. The radio waves help to connect and process your payment by sending out a signal to communicate with your card. All you have to do is to look for the touchless or contactless payment sign at the merchant or store’s payment terminal when you want to make a purchase. The customer needs to put the card on the touchless payment symbol on the payment terminal about 4 cm away. When the machine recognizes the tap, it will signal a beep, green light or checkmark to the customer. If it receives approval, the transaction is authorised and complete.
Customers can use this contact free system by connecting their credit or debit cards to these devices:
There has been an increasing growth of contact free payment usage in Malaysia. This contactless payment feature allows both customers and sellers to save more time in processing payments. Below are some of the best options you can find:
These cards are equipped with safety features such as an embedded chip that produces a dynamic code for each transaction and essential card information cannot be used for fraud. Bank Negara Malaysia has guaranteed that these safety features guarantee the cards cannot be used by fraudsters for illegal transactions. You're recommended to keep your contactless payment cards protected and not share your credit card information with others. Review the bank statement properly to make sure there is no fraudulent transaction recorded.