IDFC FIRST Bank is set to launch SafePay, a digital facility that allows contactless debit card payments by simply waving your smartphone against a Near Field Communication (NFC)-enabled Point of Sale or POS terminal. SafePay will enable contactless payments of up to Rs 2,000 per transaction and up to a limit of Rs 20,000 per day, making everyday purchases easy.
Speaking on the initiative that will make everyday purchase easier for the IDFC First Bank customers, Amit Kumar, Head Retail Liabilities, IDFC FIRST Bank, said, In a wireless world, the way people want to pay is changing. So far, convenience has been driving the adoption of digital payments. Now, the pandemic has quickened this pace. We see the tap-to-pay technology as significant in this digital play.
Kumar added, SafePay makes the payment experience fast and frictionless. For a cardholder, it does away with the need for a physical debit card, and thereby, eliminates concerns about loss of cards. It is the easiest way to check-out of a store in seconds.
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Arvind Ronta, Head Products, India and South Asia, Visa said, As consumers make a preference shift to digital, payment providers should be able to service any payment need, whether through physical cards or the near ubiquitous smartphone. And to meet such needs, we are delighted to enable tokenized tap to pay transactions for IDFC FIRST Bank customers.With Visa having issued over a billion tokens globally, our clients have seen a fraud reduction rate of 26% for transactions processed through the Visa Token Service. With a virtual debit card, tokenization and contactless technology, tapping to pay with smartphones is now secure and simple. We are committed to simplifying digital payments for consumers and enabling safe payments for everyone, everywhere.
SafePay embeds Near Field Communication (NFC) technology in the IDFC FIRST Mobile App to enable secure payments using a debit card issued by the Bank. A social distancing-friendly way to pay, SafePay completely does away with the need to hand over the card to a merchant or even carry it in the wallet.
Users can simply wave, pay and go, making the payment process not only touch-free, but also faster, simpler and safer.
The first such facility to be made available in an integrated mobile banking app, the SafePay feature has been tested successfully and certified by Visa. It will be available to users on the Banks mobile app in the next one week.