Though
still in its infancy in the Philippines, contactless payments are already
widely used in other countries such as Singapore, Australia, and England. Payments
via contactless cards are fulfilled by simply tapping the card on a
point-of-sale (POS) terminal. For low value transactions, no PIN or signature
is required; cardholders can simply Tap & GoTM. Faster checkout
lines are now made possible even during The SM Store’s famous 3-Day Sales,
thanks to contactless payment technology. Therefore, this payment method is
deemed effective in grocery and convenience stores, cinemas and gas stations
where long queues can be curtailed through quicker payment transactions.
In the Philippines,
transactions beyond Php 2,000 require the cardholder’s signature as a layer of
security from unauthorised transactions. It
is important to note that shoppers will be billed only once even if they
accidentally tap on the point-of-sale terminal multiple times. The EMV chip
embedded in the card effectively safeguards card details as it creates dynamic data every time a
transaction is made, making it nearly impossible for fraudsters to duplicate or
clone the card.
Contactless
technology not only makes transactions more convenient than fumbling for cash
or counting loose coins at the checkout, but also much safer because the card never leaves the cardholder’s hand when paying.
Through
such innovations, not only do customers benefit but, Mastercard enables merchant
partners to do business with greater efficiency while at the same time ensuring
safety as transactions are processed.
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