About Credit and Debit Cards
ICICI Bank has recently launched the country’s first contactless credit and debit cards.
Now you might be thinking about what a contactless card is? A Contactless card is one that uses the NFC (Near-field communication Technology), enabling individuals to make a payment just by tapping or waving the card near the merchants’ terminals in lieu of swiping them. NFC is a technology that enables devices to use radio-frequency identification to establish contact while in proximity. It can be likened to Bluetooth or Wi-Fi. It allows communication between NFC-enabled objects at a minimum distance of 4 centimetres.
So far, the bank has introduced these cards in 3 cities i.e. Mumbai, Gurgaon and Hyderabad and has installed 1200 PoS machines capable of accepting contactless payments in these cities.
The bank has launched two cards with the new technology – the Coral contactless credit cards and the Expressions wave debit cards – and both can also be used as regular cards at all merchant terminals (in other cities), the bank said.
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