Current Affairs – IDFC First Bank to launch first ever debit card enabled payment system in India

IDFC First Bank is planning to launch “SafePay,” a contactless debit card-based payment facility. This payment facility will allow contactless debit card payments by simply waving one’s smartphone against a Near Field Communication (NFC)-enabled POS terminal.

How will SafePay Transaction work? 

1. To enable SafePay, the user needs to link the IDFC First Bank Debit card to the mobile application. 
2. Upon successful activation, the user can make a transaction through NFC enabled pos terminal. 
3. For safety, the NFC-enabled smartphone needs to be waved at the terminal within 30 seconds of unlocking it.
4. User can add or delete the debit card from the application according to its need.

What is contactless Debit Card – 

Contactless payment or contactless debit card is a physical card or smart card used to make payments using RFID technology or near field communication technology. 

It is a new revolutionary technology introduced in the payment system to contact the device and the merchant.  

The consumer taps the payment card near the POS machine, which is equipped with RFID or near field communication to use the system.