So what exactly do they mean? You might think it’s Wi-Fi built in to your card (unfortunately that’s a feature not yet available) but it’s actually the international symbol for contactless payments.
What are contactless payments?
- Your card will look normal but inside the card is an antenna and chip.
- This antenna enables you to tap your card against the reader or terminal and the transaction is done, there’s no swiping, inserting the card, PIN or signature required.
- You can use contactless payments for purchases under $200 NZD (for purchases over $200 a PIN or signature will still be required)
- Visa calls this technology Visa payWave and MasterCard calls it PayPass.
Why is it so great?
- It speeds up transactions.
- Your card never leaves your hand so this reduces the opportunity for the card to be skimmed.
- There is less wear and tear on the card since it doesn’t need to be inserted into a terminal for any small purchases, making it last longer.
- For purchases under $200 you can still choose to either tap the card to pay, or insert your card to the terminal and pay with a PIN.
Is it safe?
Contactless cards are safe, and use advanced cryptographic security. Every transaction includes a unique dynamic code which changes every time it’s used. The account information contained in a contactless card is just the same as the information found on a traditional chip card and has the same level of security protection and fraud prevention.
The card can only be read within approximately 4cm of a reader, so always make sure you take your card out of your wallet before you get to the terminal and hold it on the reader until the transaction is complete.
How can I get it?
All ASB Visa cards have payWave and all ASB MasterCards have PayPass.
* Credit Card Conditions of Use and Visa Debit Card Conditions of Use apply.
** Credit card lending criteria apply