A contactless transaction is a fast and secure payment made without direct contact between the card and the POS terminal (that is, without reading the card's chip or magnetic stripe data).
Can contactless transactions be made with every card?
For a transaction to be carried out contactlessly, both the card and the POS terminal must support contactless transactions. At any location displaying the contactless logo, transactions can be made with contactless-enabled cards.
Can contactless transactions be made with a debit card (ATM card)?
The prerequisite for contactless transactions is that the card have a chip. Since debit cards are generally issued without a chip, they cannot be used for contactless transactions. However, chip-enabled debit cards can be used for contactless transactions.
How can I tell whether a card supports contactless transactions?
Whether a card supports contactless transactions can be identified by the four curved wave lines printed on it. If this symbol is present, the card can be said to support contactless transactions.
So when do contactless transactions post to the account?
The amount charged through the POS terminal is transferred to the account within 1 to 3 days, right after the customer enters their card PIN and confirms the payment.
If the transaction is on-us (the card-issuing bank and the POS-acquiring bank are the same), it posts to the account the next day. If the transaction is not-on-us (the card-issuing bank and the POS-acquiring bank are different), the interbank clearing process adds 1-2 extra days, bringing the total to 2-3 days.
Is there a difference between contact and contactless transactions in terms of how long they take to post to the account?
There is no difference between the two. Both post to the account within the same timeframe.
