Is contactless payment free?

Is contactless payment free?

Interbank contactless payment

A contactless payment system[1] is one that allows paying for a purchase using radio frequency identification technologies embedded in credit or debit cards, key fobs, smart cards, cell phones (mobile payment) or other devices.

The embedded chip and antenna allow consumers to pay for a transaction by bringing the device close to a reader at the point-of-sale terminal, so there is no need to physically read the device through a reader slot.

Under the umbrella of contactless payments, the EMV (Europay Mastercard Visa) has authorized radio frequency identification – usually announced as contactless in cards and dataphones – and NFC technology as the main technologies. Within this standard, and with the aim of promoting their use, specific interchange fees have been defined for these means of payment and the obligation to validate the PIN code for payments of less than €20 has been eliminated.

Falabella contactless payment

The maximum amount that can be paid without including the signature or PIN is 20 euros, as long as no more than 150 euros have been accumulated in consecutive purchases. If this amount is exceeded, you will have to insert the card in the dataphone; consequently, you will have to use the PIN or the signature.Likewise, you can reactivate the contactless payment function when making any standard card payment (by signature or PIN) in an establishment or when withdrawing cash at an ATM after inserting the card.

As noted above, there are a number of security measures in place for the contactless payment feature of the credit card that ensure that these types of transactions are as secure as standard payments.

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However, as in any other case, if your card has been lost or stolen, contact the call center immediately on 900 827 555 to block it. If you are the victim of a scam related to the use of your card, fraudulent transactions will be covered by the card’s guarantees.

Mobile contactless payment

This option arose in response to provide greater security and avoid card cloning by having to hand over the card for the payment to be made. Now, contactless cards can be used to make payments by simply placing them in front of the POS.

NFC is a standards-based, short-range wireless connectivity technology that makes life easier and more convenient for consumers around the world by simplifying transactions, exchanging digital content and connecting electronic devices with a touch.

NFC creates a new, universal interface to existing devices through simple touch interaction. NFC bridges the gaps between existing technologies and devices to enable new applications and services (allowing connections from the real to the virtual, as well as connections in the physical real world).

For example, NFC allows users to quickly and easily transfer information between devices with a simple touch. Whether it’s exchanging business cards, a quick transaction or downloading a coupon, proximity ensures that the information shared is the information you want to share.

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Purchase payment processing. credit card transaction, financial transaction, electronic money transfer. shopper by contactless electronic credit card payment.

Hand holding credit or debit card near electronic terminal scanner and making purchase. smart transaction through digital machine flat vector illustration. contactless payment, emv, commerce concept.

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Mobile application screen embedded in day and night mode of contactless service. 3-step tutorial with graphical instruction pages with linear concepts. user interface, ux, graphical user interface template. myriad pro-bold, regular fonts used.