Good news for SBI cardholders. SBI Card has come up with a new ‘SBI Card Pay’ feature that allows its customers contact-less payment at point-of-sale (PoS) terminals using only mobile phones. SBI card customers can now ditch the physical credit card and even without entering any PIN, they will be able to make contactless payments at NFC (Near Field Communication) enabled PoS terminals with just a tap of their smartphones. Expert suggests, based on the Host Card Emulation (HCE) technology, mobile phones make it a fast, easy and secure payment option.
SBI Card Pay uses a tokenization system that transforms cardholders’ details including card number, expiry date, and CVV into a digital token, which makes the process safe. Also, as the card details are transmitted in wireless mode by NFC, and are protected through tokenization, hence, the physical card’s details are not disclosed to the trader. To make a payment go through the customer needs to unlock the phone’s screen for it. In case the customer’s mobile phone is stolen, they need to call the customer service to block the digital token, wherein the physical credit card can be used. However, the risk of the card being stolen and fraud happening are mostly unlikely when customers make contactless transactions.
A maximum of Rs 10,000 in a day is allowed in transaction value through the contact-less mode. However, the individual transactions are capped at a level of Rs 2,000. To authenticate any payment above Rs 2,000, cardholders would have to use their credit card.
Here is how you can get the card’s new features:
- SBI cardholders need to go through a one-time registration process.
- To use SBI Card Pay one needs to update their card on to the current version of the SBI card mobile app.
- Once the card is registered, cardholders will be able to make payments by bringing the mobile device close to NFC enabled PoS terminal.
- This feature, however, will only work on an android smartphone.
Difference between SBI Card Pay and SBI Card's contactless credit card
SBI Card Pay is enabled on SBI’s mobile app. This allows contactless payments at NFC-enabled PoS terminals. Also, this facility is available only on the VISA platform and will work on any Android smartphone.
SBI Card's contactless credit card, on the other hand, enables contactless transactions by tapping at NFC-enabled PoS terminals, through the 'physical NFC-enabled card'.