Shopping is as easy as “tap and go” with contactless-enabled credit cards.
Though still in its infancy in the Philippines, contactless payments are already widely used in other countries such as Singapore, Australia, and England.
Payments via contactless cards are fulfilled by simply tapping the card on a point-of-sale (POS) terminal. For low value transactions, no PIN or signature is required.
In the Philippines, transactions beyond P2,000 require the cardholder’s signature as a layer of security from unauthorized transactions. Shoppers will be billed only once even if they accidentally tap on the POS terminal multiple times.
The contactless cards can be identified through a symbol on the card face that is similar to the Wi-Fi symbol, albeit turned sideways. The EMV chip embedded in the card effectively safeguards card details as it creates dynamic data every time a transaction is made, making it nearly impossible for fraudsters to duplicate or clone the card.
To encourage shoppers to use contactless payment technology, MasterCard teams up with The SM Store to reward those who will use their MasterCard credit cards. Shoppers who make a one-time cash purchase worth P3,000 or P5,000 on installment get a chance to win P1,000 worth of gift cards.