Contactless debit card, which promises to make transactions faster, convenient and secure for users, was launched on Thursday in the city by State Bank of India (SBI).
Operating on NFC (Near Field Communication) technology, the key feature of the card is that the cardholder need not part with it when paying for their purchases at shops. A restaurant, petrol bunk, convenience stores, theatre, travel ticket booking centres, it can be used at a range of commercial establishments equipped with compatible point of sale (PoS) terminals.
“They need to just wave it from near the PoS terminal (with contactless logo),” said C.R. Sasikumar, Deputy Managing Director of SBI (Hyderabad Circle) at the launch of ‘Intouch Tap & Go Debit card’ in the city. The transaction could be completed only after the customer feeds in the PIN (personal identification number). PIN is required as per RBI regulations. Stating that Hyderabad figures among select metros where SBI is rolling out the product, he said contactless debit cards would be issued to customers on demand. As an introductory offer, it will be issued free of cost for a year, while from next year, Rs.150 will be charged annually. The yearly charge levied for a regular debit card is Rs.110. SBI will supply the compatible PoS machines free of cost to commercial establishments, he added.
