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IDFC First Bank to launch 'on phone'contactless debit card transaction facility
1 min read.Updated: 25 Sep 2020, 09:20 AM IST Edited By Sangeeta Ojha
IDFC First Bank will launch SafePay, a digital facility that enables contactless debit card payments, next week
SafePay enables contactless payments of up to ₹2,000 per transaction
IDFC First Bank is set to launch SafePay, a digital facility that allows contactless debit card payments by simply waving one’s smartphone against a Near Field Communication (NFC)-enabled POS terminal.
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 Bank’s mobile app in the next one week.
“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,"Amit Kumar, Head – Retail Liabilities, IDFC FIRST Bank, said.
SafePay enables contactless payments of up to ₹2,000 per transaction and up to a limit of ₹20,000 per day, making everyday purchases easy.
How will SafePay work?
To enable SafePay, consumers need to do a one-time activation by linking their IDFC First Bank debit card to the mobile banking app.
Once activated, users can then make payments at merchant locations by just unlocking the mobile phone and waving it against a NFC-enabled POS terminal.
Users do not need to log into the Bank’s mobile app for every transaction.
The debit card can be added to the mobile app and deleted if required.
To enable a payment, the NFC-enabled smartphone needs to be waved at the terminal within 30 seconds of unlocking it.