Here Is What You Need To Know About Visa payWave Payment In Singapore
With technological advancements come innovations that are disrupting different sectors. The payment space has transformed from carrying cash when going shopping to using credit cards. However, the time when you could carry all your cards, cash, and all the loose coin jingling in your pocket is now over. We can now make payments through mobile phones provided you have an NFC SIM compatible with NFC devices you can pay for your groceries seamlessly.
Singapore is one of the leading countries that are leading the payment revolution in Southeast Asia. The country has seen a proliferation of contactless payment solutions such as Visa payWave. These are new ways that you can pay for your purchases without touching anything physically. With the feature, to process your transaction, all you do is wave the card in front of a contactless terminal, and you will be good to go. Visa payWave has the NFC technology, which enables contactless payment. You can tap your card on the contactless terminal, and processing of the transaction happens instantly without you needing to key in your PIN or sign a receipt. Here is what you should know about Visa payWave;
What is a Visa payWave?
This is a new payment solution that allows customers to pay for their purchases quickly without the hassle of cash. With Visa PayWave, you wave your Visa card on the countless terminal at the sales counter and within seconds your way. The card has a chip with an antenna that transmits payment commands securely to the point-of-sales reader. Visa Corporation introduced the payment system in Singapore some years back. Provided the retailer or merchant has the contactless symbol on their reader, then you can seamlessly make your transaction.
Why you should use Visa payWave enabled card
Visa payWave card is a faster and more convenient way of making payments at retail stores that have cashless readers. It saves you the hassle of having to sign receipts or enter your pin while you wait in the queue. It offers safe ways of transacting by protecting you from fraudulent transactions. NFC usually uses data encryption when transferring sensitive data, and in this case, hackers who can scan and steal important personal data are locked out.
Equally, retailers will not have access to your card information. It is easier to track your rewards, and you can use your points for purchases in coffee shops or redeeming miles. Some banks offer prizes and cashback to customers using this feature.
Using the Visa payWave card
Look out for the contactless terminal at your retailer and ascertain that there are the VISA logo and contactless symbol at the sale point. After the cashier has entered the amount, you are supposed to pay in the terminal; you should hold the card close to the contactless reader. Once a green indicator appears, then the transaction has been confirmers, and you will see a message showing that the transaction was successful. This takes less than a second, and you can choose to receive a receipt or not because it is optional. The card has to be at most 4cm from the contactless secure card reader.
What is the limit you can purchase with Visa payWave Card?
In Singapore, it is allowed that you can make payments of up to S$100 per transaction. DBS allows payments of up to S$200 and below. You don’t need a PIN or signature to complete these transactions.
If your purchases exceed the limit, then the retailer will have to process your transaction the normal way. They will dip your Visa card into the EMV-chip terminal, and you will input you Pin or sign for the purchase. Visa payWave, payments are paperless where you wave-and go, but if you need a receipt, you can ask for one.
How safe are Visa payWave transactions?
Vias payWave transactions are very secure and safe, and there is no chance of the payment processed twice. The contactless terminal processes one transaction at a time per card. The system is set in a way that either the transaction processes or is voided before you can have another.
Equally, even if you get near the payment terminal, you cannot make payment unknowingly. You are always in control, and the retailer has to enter the purchase amount before approving the payment.
Where can you make Visa payWave?
You can make payments at different retailers who have enabled contactless payment across Singapore and the globe. Retailers with the Visa logo and the contactless symbol on their readers at the sale point counter accept payments via Visa payWave. Anywhere you see the visa sign, then that means you can transact using the Visa payWave.
Which cards have the Visa payWave capability, or Does one need to activate the card?
All Visa cards have Visa payWave capabilities, which include debit, credit, and prepaid cards. If you get your card from your bank branch, you can start using it immediately since it is Visa payWave enabled. If you receive your card through the mail, then you will have to activate it at an ATM or through iBanking before you begin using Visa payWave for making payments.
Adoption of Visa payWave payment is growing fast in Singapore, which is ahead of most countries that are seeing slow adoption. Several retailers are taking up the Visa payWave as a payment method to reduce time customers have to wait at queues as well as do away with cash handling. Visa has been enticing customers in Singapore to use this payment method by offering them breaks whenever they use it at the Food Republic. For every $6 you spend at the Food Republic, you will get a $1 break.
Visa recently unveiled the Visa payWave for mobile after partnering with Samsung and Android. Users can download the Samsung pay or the Android or launch the wallet app for iOS. You can add a compatible visa card into your digital wallet by taking the photo of the visa card. You can then make payments by launching the app and waving it over the contactless terminal.