In this era, where the entire world is suffering from COVID-19 pandemic, cash is no longer a king.\u00a0According to WHO (World health organization), the novel corona virus may spread through cash payments, debit Card and credit card payments. As per a scientific paper published, the virus outbreak found the virus can live on cardboard for up to 24 hours and up to three days on plastic and stainless steel.\u00a0Banknote avoidance is happening in the U.S., South Korea, Japan and\u00a0Iran. Germany is the cash loving economy and it has also switch to contactless payment. In India when the corona virus is still in the early phase, this is the right time to adopt the contactless payment as compared to cashless payments.\u00a0Hence, it becomes essential to promote contactless transaction as compared to currency notes or cashless transactions.<\/p>\n
CASHLESS VERSUS CONTACTLESS PAYMENT:\u00a0<\/strong><\/p>\n Mostly people take\u00a0cashless and contactless payment as interchangeable\u00a0term. But there is lot of difference between cashless payment and contactless payment.<\/p>\n Any type of payment that is made without using cash is considered as\u00a0Cashless payment methods. The examples are\u00a0credit card payments,\u00a0Bank transfers, debit card payments, mobile payments, and digital wallets. To complete\u00a0the cashless purchase, the\u00a0customer doesn\u2019t need to have any cash.<\/p>\n Contactless\u00a0payments\u00a0are those where debit cards or credit cards that either use near-field communication (NFC) or radio frequency identification (RFID) technology. In contactless payment, no\u00a0PIN or signature for card is required to make the payment \u2014 you can simply tap and go. One needs not to do swiping or inserting your card in any POS machine or ATM, you simply can just wave the card near the reader to complete your payment.<\/p>\n RBI INITIATIVE FOR CONTACTLESS PAYMENT:<\/strong><\/p>\n In our dream to build a feasible digital world and to come alive, wireless technologies always have a critical role to play. In India, we have reached to the next level of innovation in fintech domain. Any full proved payment method should\u00a0have following three features:<\/p>\n Accessibility and interoperability: Accepted anywhere and offers multiple uses<\/p>\n Convenience of transaction: Clutter free smooth gesture, like tap and go<\/p>\n Speed of transaction: local secure processing with batch\u00a0synchronization.<\/p>\n The Reserve Bank of India (RBI)\u00a0took the first step\u00a0in 2019 to promote\u00a0contactless\u00a0payment. Now\u00a0for transactions less than Rs 2,000,\u00a0the customer can do a payment within a fraction of seconds.<\/p>\n CONTACTLESS CARDS IN INDIA<\/strong><\/p>\n CONTACTLESS PAYMENTS APPS IN INDIA<\/strong><\/p>\n Contactless Payments Apps work similarly to contactless Debit or Credit card, where you don\u2019t have to carry physical cards, instead your smartphone works as your Contactless Payment Card. Currently, Samsung Pay is technically the only App operates using the near-field communication (NFC) Payment technology. However there are few more Contactless Payments Apps in India you can install on your smartphones.<\/p>\n Contactless Payments can turn the face of India\u2019s Digital Payment Systems. The question comes that how will you know that your card is supporting Contactless Payments or not. In order to identify, you will find a symbol similar to Wi-Fi at any side of your Debit or Credit Card. Indian are still depending on physical cash for doing Low-Value retail transactions. With the acceptance of several Contactless Payments Apps and Govt. of India\u2019s thrust on the \u201cDigital India\u201d campaign, we definitely expect a low spread of COVID-19 in our nation through currency.<\/p>\n","protected":false},"excerpt":{"rendered":" In this era, where the entire world is suffering from COVID-19 pandemic, cash is no longer a king.\u00a0According to WHO (World health organization), the novel corona virus may spread through cash payments, debit Card and credit card payments. As per a scientific paper published, the virus outbreak found the virus can live on cardboard for […]<\/p>\n","protected":false},"author":227,"featured_media":8933,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[599,589,600],"class_list":["post-4125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-cashless-contactlesspayment","tag-covid19","tag-payment"],"yoast_head":"\n\n
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