Punjab National Bank (PNB) has recently launched a new Contactless Credit Card “PNB Wave N Pay”. This card could be used by just waving it across the terminal, as its name tells Wave and Pay and the transaction will be through, and there is no need to swipe it anymore.
There is no need to enter any PIN for transactions up to Rs. 2,000. The cardholder also has full Charge Back rights on its misuse. This contactless credit card has been launched on Visa Platinum platform.
SBI have earlier launched similar contactless cards in the country which help the transaction to be carried out at double speed as compared to traditional cards. SBI have used near-field communication (NFC) technology. NFC devices are used in contactless payment systems, similar to those used in credit cards and electronic ticket smartcards and allow mobile payment to replace/supplement these systems.