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Contactless credit cards near rollout

Star Business Report
***HOW THE CARD WORKS
► Merchant will enter the amount on the contactless Point of Sale (PoS) machine
► While making payment, cardholder just needs to tap or hold the card within certain distance. S/he will make sure there is a little symbol)))) on the machine
► If the payment is successful, s/he will see a green light or beep sound from the PoS device
►Receipt will be generated on the spot. Cardholder will also get SMS/e-mail
BENEFITS
► The card can be used in two ways:Tapping/waving (contactless way) and swiping/dipping and then entering PIN
► Transaction takes place faster than traditional method
► Security is high as the card is not required to be handed over to the merchant at the PoS
► Card skimming largely minimised
RISKS
Ifthe card gets stolen, anyone can use it
► There is a maximum limit for each transaction. To prevent misuse, BB sets a cap of Tk 3,000 per transaction
►Merchants have to have contactless card machine***
The central bank yesterday gave the green light to the rollout of contactless credit cards, ushering in an exciting new era of payment system in Bangladesh.
Contactless cards allow payment just by waving at the point of sale terminal - without the need for any signature or PIN verification.
The cards are embedded with the near field communication technology that allows secured payment.
The point-of-sale terminal would have a compatible reader where the card needs to be waved over for authenticating transactions. The compatible merchant terminals can be identified by the contactless logo.
Payments amounting up to Tk 3,000 can be made using the contactless method, and it is up to the volition of the customer if he/she wants to complete the payment through this mode or the regular method of signing or keying in the PIN number.
The contactless cards will also have the EMV chip and magnetic stripes, so for payments upwards ofTk 3,000, the regular signature or PIN verification method will be used to authenticate transactions.
As of now, five banks have applied
to the central bank for introducing contactless cards, said an official of the Bangladesh Bank.
The global payment gateways Visa and MasterCard have handed over the technology to local banks to roll out
NFC-enabled cards from August, according to Mohammad Ali, deputy managing director of Pubali Bank.
"We have recently taken preparation to introduce the contactless cards by September this year," he added.