Many debit and credit cards now have the tap-and-go technology which allows you to pay without a pin code, or the swiping of a magnetic. Contactless cards make it more convenient to pay for merchandise, and transactions are completed in under a second.
A contactless Mastercard uses an embedded computer chip and a radio frequency antenna. After you tap your contactless card at the checkout, the payment details are sent wirelessly to the Mastercard network. Moments after you tap, you will receive payment confirmation on your mobile phone, and be on your way in less than a minute.
Your contactless card needs no special treatment. Treat it exactly as you would any credit, debit, or registered prepaid card. You can use it anywhere you see the contactless symbol at the checkout, and simply tap to pay. Stores who may have a contactless payment reader include fast food restaurants, gas stations, pharmacies, retail stores and more. Just look for the symbol.
If the facility is not available, you can use your contactless card in magnetic stripe readers, or chip and pin systems.
Contactless transactions and purchases will be displayed on your statement just like any other card purchases you make.
There are many benefits to contactless card payments. Here are just some of them.
The speed of the transaction, often less than one second, is ideal for someone who has to be somewhere in a hurry, and does not have much time to spare.
Mastercard contactless card system is very secure, but as with other card systems, also up to the cardholder to advise the financial institutions immediately, if suspicious activity on the account is detected, or if the card is lost or stolen.
Here are some of the security systems in place.
Always keep your cards in a safe place when not in use, and keep a record of all your card numbers, expiry dates, and emergency phone numbers.
Contactless cards and tap-and-go payments have benefit customers in countries like Australia and the UK. However, the US appears to be lagging behind in the use of this new technology, and consumers and merchants are losing out.
In spite of the fact that the US now has around 3 million new contactless capable terminals, consumer use is extremely poor. The main reason appears to be on the part of the issuing banks, who only managed to issue EMV chip cards in 2016, after being mandated to do so.
The roll out of the contactless Mastercards could take years before consumers actually benefit.
More and more innovative technologies are being developed to drive sales, and reduce fraud in a scam-laden industry. However, unless the banks speed up the conversion to contactless cards, many US consumers will lose out on benefits.
Although banks have been slow to recognize the opportunities of contactless cards, some groundwork is being done, and approximately 3 million out of 12 million terminals, are fully capable to accept tap-and-go payments.
It still seems a long way to go before tap-and-go becomes the norm rather than the exception.
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