Payment contactless

Contactless (contactless) by waving, tapping on the POS machine to pay, is a trend of non-cash payment is being used by many people, in addition to local swipe cards, international cards and Payment by QR code via mobile devices. This form is well received not only for its style and convenience, but also for its high security properties.
Contactless (contactless) by waving, tapping on the POS machine to pay, is a trend of non-cash payment is being used by many people, in addition to local swipe cards, international cards and Payment by QR code via mobile devices. This form is well received not only for its style and convenience, but also for its high security properties.

The report also says the habit of using new payment technologies is becoming common. 44% of respondents said using mobile payment, 32% using contactless payment technologies, 19% using QR code payment (using electricity Phone scan transaction code to transfer money to the seller’s account).

The 32% of people in the survey are using contactless card technology, showing that consumers are gradually understanding the benefits, security and convenience of this technology brought in transactions. daily.

A combination of general observations of the financial technology world, shows that contactless chip card technology has many advantages, such as faster processing speed of transaction information; 13 times more information storage capacity, enabling banks (NH) to integrate many utility applications for customers in one card; increase the security during use, minimize the risk of technology fraud (skimming), limit fake cards when not having to present the card to the seller, without revealing the information printed on card, no PIN … With contactless MasterCard, when paying, users accidentally touch many times, the transaction also takes place only 1 time.

Wide area of ​​development

Contactless card was first introduced in Vietnam in 2013, when Eximbank cooperated with MasterCard called MasterCard PayPass. However, until 2017-2018, banks such as Vietcombank, Sacombank, Techcombank, Vietcapital Bank … simultaneously issued contactless cards, this technology was noticed by users.

Up to now, Sacombank has cooperated with Visa, MasterCard and JCB card organizations to implement contactless payment technology on many international card lines. Vietcombank implements all card brands issued by NH, including international Visa, MasterCard, American Express, JCB, UnionPay and domestic Napas cards.

Mr. Thomas William Tobin, Director of Vietcombank Retail Division, shared that 2019 will be a year of great changes in payment technology, especially contactless cards, after the SBV issued a set of basic standards for internal chip cards. Local and Standard Code Base Specification QR Code.

At this point, Vietcombank will upgrade the card acceptance points to accept contactless cards. This method is very beneficial, especially for small transactions because there is no need to swipe, just touch to pay. But for people to use it widely, banks need to explain to customers that this is a safer payment method than a card method.

In March 2019, SCB launched SCB beYOU international payment card, with a vertical design, Vietnamese or foreigners residing in Vietnam, aged 15 and above, can open the card without proof. income. The remarkable point of SCB beYOU card is the variety of payment methods, such as paying directly from a smartphone without a card, or touching or waving the card in front of the POS screen, because this card integrates with Modern technologies like QR Easy and Samsung Pay and contactless technology.

As announced by MasterCard in September 2018, in Europe nearly 50% of card payments are made using contactless technology. Technology research firm ABI Research predicts that the number of contactless payment cards issued annually in the US will increase to 330 million units, or 55% of the total number of new credit and debit cards by 2020. , up from 25 million cards in 2015. In Southeast Asia, Singapore has up to 80% of transactions made by contactless form.

In Vietnam, the technology is still in the early stages of penetrating modern forms of payment, after e-wallets and payment via QR codes. This shows that there is still plenty of room for contactless payments to explode in the future, especially as the user reception for contactless cards is very positive.

According to Yen Lam / saigondautu.vn