IDFC First Bank is set to launch SafePay, a digital facility allowing contactless debit card payments next week. The user would be able to simply wave one’s smartphone against a Near Field Communication (NFC)-enabled POS terminal to conduct the payment.
The facility to be made available in an integrated mobile banking app, the SafePay feature has been tested successfully and certified by Visa. SafePay would enable contactless payments of up to Rs 2,000 per transaction and have a limit of Rs 20,000 per day.
Amit Kumar, IDFC FIRST Bank said, “In a wireless world, the way people want to pay is changing. So far, convenience has been driving the adoption of digital payments. Now, the pandemic has quickened this pace. We see the tap-to-pay technology as significant in this digital play. SafePay makes the payment experience fast and frictionless. For a cardholder, it does away with the need for a physical debit card, and thereby, eliminates concerns about loss of cards. It is the easiest way to check-out of a store in seconds,”
Arvind Ronta, Visa said, “As consumers make a preference shift to digital, payment providers should be able to service any payment need, whether through physical cards or the near ubiquitous smartphone. And to meet such needs, we are delighted to enable tokenized tap to pay transactions for IDFC FIRST Bank customers.