Visa has crossed a major landmark in India by issuing more than one million Visa payWave contactless cards which are being accepted at over 100,000 merchant outlets throughout the country.
The company is working with various banks across the country to develop a robust ecosystem, which will enable users to make payments faster, more conveniently and securely.
The Visa payWave contactless technology will further facilitate use of debit cards on POS terminals that were earlier used for cash withdrawals on ATMs.
Equipped with an embedded antenna and microchip, Visa payWave contactless cards provide contactless communication with a reader at the checkout. Cardholders will have to tap their Visa payWave cards over a secure reader to pay. The transaction is then processed through Visa’s global network VisaNet.
Visa as allowed its payWave cardholders to pay through their contactless cards without enter the pin or signing transaction receipts for transactions up to INR2,000 ($29.5).
Visa group country manager for India and South Asia TR Ramachandran said: "Contactless is the future of payments in India. Since its launch, Visa payWave has gained strong momentum and wide merchant acceptance and we have now reached critical mass to serve as a building block for creating the payment system of the future.
"With Visa payWave technology we have set a foundation for expansion into other form factors like smartphones, wearable devices and stickers as also into new payment categories such as mass transit, tolls, parking etc."