PSI Pay has revolutionized the banking industry with their contactless payments technology. Once the merchant has entered the transaction amount, you place your card with PSI Pay technology on the payment terminal. If the merchant has a compatible payment terminal (with a contactless logo on it), you swipe your card close to the register or place it on the register to validate the transaction. A contactless card is easily identified by the presence of a pictogram with stylized radio waves.
A combination of technologies allows your payment method to identify itself and then carry out the transaction on the merchant’s electronic payment terminal. This revolution in banking will therefore make your life easier. Contactless payment uses radio identification, RFID and Near Field Communication (NFC) technology which is now present in the majority of our bank cards. In the event it is that triggered by the payment station, the bank card utilizes a step to produce a legitimate cryptographic passcode, and that passcode is routed right back to the payment station.
A contactless PSI Pay card is a classic bank card to which contactless technology has been added: a dual card. In contrast to older versions of charge cards that employ magnetic bands, these new cards utilize a chip that not only safeguards the user’s data but also performs cryptographic computing to protect the connection with the payment station and the computer network. Also, you can contact your bank to find out whether a contactless option is available or not.
Once the transaction is validated, the register prints one ticket for the merchant and another for the customer. Today, contactless payment is more and more present in our daily lives. Finally, in the event of a theft, the sums deducted without being authorized are fully reimbursed by the bank.
Because these new cards are practically tamper-proof and impossible to reproduce, these new cards are also a great deal less susceptible to counterfeiting than cards that utilize magnetic bands. Remember, a bank card, with or without this technology, is a very secure payment instrument. The only thing you need to do is put your bank card near the terminal.
Once the merchant on his terminal has entered the amount to pay, the customer only has to position his card above the terminal. Also, other technologies are now available, like the Kerv ring from PSI Pay which you may use like a contactless bank card. Furthermore, safety measures are being put in place, regardless of the banking institution, to prevent fraud.