Cambridge Dictionary defines “dirty money” as “money that someone gets in an unfair, illegal or dishonest way”. Is it the only way to state it? We do not think so! Since we messed with catastrophic Covid-19 trouble, we have learnt more than enough about how germs can transmit from one person to another as well as the significance of cleaning the surfaces in our daily routine. What is the thing that we all touch and hand on? Yes! It is banknotes and coins.
According to recent research, paper money can host more germs than a household toilet. Pretty hideous. Right? We are not done yet. And bills are perfect environments for gross viruses and bacteria that can survive for about 48 hours. Did you know that paper money can transport an effective flu virus for up to 17 days? These hair raising facts are disturbing. But Hey! Thanks to the innovative financial techs of the 21st century, developers invented a new way of payments, contactless payments!
Using Contactless Payments via Visa
As the first company coming to mind when the subject is international financial services, Visa was born in Chicago in the late 50s. Today, it operates millions of electronic fund transfers around the globe through Visa-branded credit cards, debit cards and prepaid cards. Visa debit cardholders can pay in any store, e-commerce site, or physical and online services.
To make our readers understand the difference between an issuer bank and a financial service, we would like to underline that Visa can not issue debit/credit cards or extend credit or set rates. In other words, Visa Company is a financial institution functioning as a medium. At the same time, Visa-branded payment products offer credit, debit, and prepaid cards. Until today, Visa’s global network processed more than 500 billion transactions worldwide.
As the leading payment option globally, the company understands the importance of going by the flow. The changing habits of consumers give a myriad of clues to the administration; thus, they can evolve technologies according to this. The Pandemic taught us not to touch our fingertips anywhere unless necessary. At this point, Visa contactless cards emerged to complete transactions simply by holding the card on a contactless-enabled card reader. To understand whether your card is a tap to pay card or not, merely check behind it to see the symbol of four curved lines like the Wi-Fi symbol.
How Do Contactless Credit and Debit Cards Work?
These transaction processes utilise RFID (Radio-Frequency-Identification) technology to link the card with the reader when the card is tapped. Contactless cards also work as swipe cards. They have magnetic stripes, credit or debit card numbers, expiration dates, and security codes. Therefore, if cardholders are in a store with no proper readers, they can use the card by swiping with a PIN.
All in all, contactless cards help us to reduce our physical contact and saves us from inserting our PIN again and again. However, please note that, intermittently, your bank may request you to enter your PIN to ensure it’s you – and not anyone else. It would not be inaccurate to say contactless cards fasten an unpleasant process most safely. We can not wait for what is next!