How often do you worry that your payment information might get compromised when you use a credit or debit card?
If you want to keep your personal information more secure when you’re at the checkout, consider using the contactless payment features most debit and credit cards offer for a safer and more convenient payment experience.
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Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
Contactless cards, also known as tap-to-pay, have become increasingly popular in the United States over the past 10 years but there are still people that may not be aware of what they are or how to use them.
Simply put—contactless payment or tap-to-pay refers to a form of payment using a debit card, credit card, or a payment enabled mobile phone or smartwatch that processes without needing to insert a chip or swipe a card.
This process uses radio frequency identification (RFID) technology in addition to near-field communication (NFC) for contactless payment transactions.
Here are a few of the top benefits of using a contactless card for payment.
The first benefit is that it’s more secure.
Contactless card payments are more secure than magnetic stripe card payments and just as secure as chip payments.
Each card has a contactless chip that creates a one-time code that changes with each transaction you make.
This one-time code accompanies your account number when you “tap” to pay.
Your other payment information (name, billing address and card verification code) is not transmitted using this method.
By using tap-to-pay, you are guarding your card from skimming devices that are used by hackers to gain access to your payment information.
Contactless payment options are up to 10x faster than using cash or swiping/inserting your card at checkout!
With contactless cards, you no longer need to worry about punching in your PIN on the point-of-sale terminal.
Quicker transactions reduce checkout times and shorter lines, which is a benefit to both the business and the consumer.
Many businesses will have their loyalty accounts and reward systems set up to automatically sync with the tap-to-pay method that can be used with your contactless card or mobile wallet.
At Triangle Credit Union, we offer cashback at local and national merchants with our Purchase Rewards when you use the contactless feature during payment.
How To Use
Using contactless cards or tap-to-pay with your mobile wallet is simple and easy:
If your Triangle debit card doesn’t have the contactless payment symbol in it, you’ll need to upgrade it. Triangle Credit Union offers Debit on Demand so you can have your card enabled with contactless chip technology in your hands in as little as 10 minutes!
Contact us today by phone or email to find out more on getting your new contactless debit card.
If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org. Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.
Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.
Have a great day!
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