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Contactless payment by card – how safe is it?

Healthy competition in business is normal. And to attract clients, creating more comfortable and favorable conditions is necessary. Now such a service as contactless payment by card is gaining popularity quickly. This feature speeds up and simplifies the work of sellers and also significantly saves customers time.

What is the essence of the possibility of contactless payments?

Contactless payment is carried out by applying a card, phone or smart watch to the terminal at the checkout for a couple of seconds. After that, the device responds with a characteristic sound and issues a receipt for payment. This is how an ordinary person sees the situation, who pays in a contactless way.
Magical payment processing is carried out using the NFC chip built into the bank card. The abbreviation NFC stands for Near Field Communication. While applying the card to the terminal, the NFC chip is powered by its magnetic field and begins to conduct a transaction. If no magnetic field exists, the payment is not carried out.

Virtual card for contactless payment

All WestStein clients can open a current account and receive a virtual card, which can be used to solve many issues. By receiving a virtual card for free, the client can make purchases of goods and services around the world, conduct business settlements, transfer money from card to card, make international money transfers, book hotels around the world and book air tickets.

To enjoy the full contactless service, download the WestStein app to your smartphone via the AppStore and GooglePlay, set up the NFC function on your phone and enjoy contactless payment.
In order to understand where you can pay in a contactless way, you need to look for a special PayWave or PayPass marking and an emblem on the trading equipment. Usually it is placed on the front door of shops, cafes, restaurants to let people know that contactless card payment is available here.

How to open a virtual card online?

You must open a virtual card online if you are not yet a WestStein customer. This is an analog of a regular prepaid card for payments but in digital format. The plastic version of the card will be available in 10 days.
First, you need to go through a simple registration, it will not take more than 10 minutes. In the standard form of the questionnaire, enter your data: last name, first name, contact phone number, registration address and e-mail. After passing the verification of information and verification, you will be able to enter your personal account, which will store all information about the movement of funds, as well as the number of the online account and virtual card.
You can use your virtual bank card after replenishing the account balance.
By issuing a virtual card and setting up the NFC function on your phone, you can easily make contactless payments.

Contactless payment security

There is such a myth that when the NFC function is enabled, money can be debited from the phone. It is not true. In order for the money to be debited, you need a bank terminal, not an NFC reader. All terminals are issued by banks after the conclusion of the contract. When debiting the amount, the client receives an SMS notification of the transaction. Even if we assume that someone walks with the terminal and transfers money to the account, complaints from customers will begin to arrive, fraudsters will quickly be identified by the terminal number. The money will be returned to the owners, and fraudsters will either be fined a tidy sum or a criminal case will be opened.

Advantages of contactless payment with a virtual card

Contactless payment has many advantages, so it is rapidly becoming popular in all countries of the world. The main advantages of contactless payment:
• transactions are carried out faster;
• no need to give your card into the hands of another person;
• high-tech process;
• the payment process is convenient and simple.
When making contactless payments, there is usually no need to enter a pin code. It is requested only if the limit set on the card is exceeded. The limit on the WestStein virtual card can be set by the owner of the account, the financial company does not set limits.

Contactless payment with virtual Mastercard

Creating a virtual Mastercard is a great opportunity for those who travel or spend a lot of time traveling for business. Mastercard can be used to pay in more than 41 million different boutiques, shopping centers, cafes, restaurants, hotels and other establishments worldwide. Where contactless payment is possible, the contactless POS terminal icon will indicate it.