OnPath Credit Union

Stay Safe By Learning How to Do Contactless Payments

contactless payments

Due to the current global health crisis, the way people shop, decide to buy, and choose to pay has drastically changed. Gone are the days when cash was king. Many have decided to learn how to do contactless payments to avoid handling coins and paper bills, minimizing the risk of contracting the dreaded COVID-19. There are many ways you can take advantage of cashless payments including:

Mobile Wallet

A mobile wallet is an app that is either preinstalled or downloaded on your smartphone. This app stores your credit, debit, or rewards card information and keeps them secure with a type of personal identification such as a PIN, QR code, or photo.

Most mobile wallets take advantage of near-field communication (NFC), which uses radio frequencies to transfer data from one device to another. Through NFC, mobile wallets can communicate with a compatible point-of-service terminal at the shop, restaurant, or any other business you’re visiting. To top it off, you can add an extra layer of protection by making sure your smartphone is secure through a PIN or password.

Credit and Debit Cards

Credit and debit cards with radio-frequency identification (RFID) chips enable you to pay for goods and services with a single tap. There is no need to swipe, sign a document, or enter a PIN when making a purchase. This makes shopping a lot faster and more convenient. Businesses that accept these RFID chip cards as payment method have point-of-sale terminals with a special symbol resembling a sideways WiFi signal.

How Secure Are Contactless Payments?

Contactless payments require a one-time code, which is generated for each transaction you make. This code, along with your account number, is transmitted to the point-of-sale terminal. None of your personal information, such as name and billing address, is sent over to the store you’re doing business with.

Most credit card issuers offer fraud protection coverage in case your card is stolen. As an added layer of protection from theft and fraud, they also implement a limit on the total amount you can pay for every transaction.

Start Shopping Cash-Free

OnPath Federal Credit Union offers VISA debit and credit cards that you can use for online shopping. You can also take advantage of their mobile wallet app to join the cashless trend. You can access your mobile wallet on either an Android or iOS phone since our app is compatible with Apple Pay and Google Pay. To get started, apply online today.