What is SBI visa paywave debit card?
SBI = State Bank of India, India’s largest provider of Banking and Financial Services both in terms of footprint and market share.
VISA = VISA is a financial services company that operates in multiple countries. It is a card scheme essentially it acts a middlemen that allows financial transactions to happen and for your card to work on any payment gateway or point of sale terminal. It also manages any disputes that may happen as a result of fraudulent financial transactions.
Paywave = This is Visa’s name for Near Field Communication or Contactless Cards. These cards do not need to be swiped or inserted like traditional cards and can be just tapped akin to a metro card. You do not need to enter a PIN for upto Rs. 2000. The benefit of this is transactions as quick as tapping your metro card and entering the station.
Debit Card = Debit Cards are cards that debit your primary account with the Bank. Often called ATM cards (though they need not be). Unlike credit cards, you can have only one Debit Card linked to an account. Using these is more financially prudent than credit cards where you have to deal with interests and other costs, do remember that debit card compromise is equivalent to account compromise whereas credit card compromise only affects the line of credit say 1 lakh rupees credit given to you by your bank.
In Short,
VISA = VISA is a financial services company that operates in multiple countries. It is a card scheme essentially it acts a middlemen that allows financial transactions to happen and for your card to work on any payment gateway or point of sale terminal. It also manages any disputes that may happen as a result of fraudulent financial transactions.
Paywave = This is Visa’s name for Near Field Communication or Contactless Cards. These cards do not need to be swiped or inserted like traditional cards and can be just tapped akin to a metro card. You do not need to enter a PIN for upto Rs. 2000. The benefit of this is transactions as quick as tapping your metro card and entering the station.
Debit Card = Debit Cards are cards that debit your primary account with the Bank. Often called ATM cards (though they need not be). Unlike credit cards, you can have only one Debit Card linked to an account. Using these is more financially prudent than credit cards where you have to deal with interests and other costs, do remember that debit card compromise is equivalent to account compromise whereas credit card compromise only affects the line of credit say 1 lakh rupees credit given to you by your bank.
In Short,
It's a NFC enabled card,which means you no need to swipe or insert your card at merchants. Just wave you card near the NFC enabled terminals to complete txn.you no need to enter pin for below 2000rs. NFC stands for near field communication.
Visa payWave is the latest in secure, contactless technology. It will help you spend less time at the cash counter and give you the freedom to do the things that matter most to you.
It's easy and convenient: For transactions under ₹2,000, ‘just wave to pay’ using your Visa payWave contactless card at a Visa payWave card machine and there's no need for a signature or PIN. Visa payWave is accepted at India's leading merchants like Big Bazaar and Vishal Mega Mart. Shopping for everyday items has never been easier.
Visa payWave contactless cards are as secure as any other Visa chip card. They carry the same multiple layers of security, which ensures that you are safe from fraudulent or unauthorised transactions.
Visa payWave cards work when the card is within 4cm of the card reader and the payWave terminal can only process one transaction at a time. Because your Visa payWave card doesn't leave your hand during the transaction, you remain in control of your card at all times.
