Contactless payments & credit cards: The future of secure transactions

Thanks to the country-wide adoption of UPI (unified payments interface) payments, an increasing number of Indians are now using mobile banking apps to transact money online. Banks are now offering another highly secure feature – contactless payments – to further increase the level of security of their online transactions.

Latest trends in contactless payments in 2024

Due to the increased adoption of online payment methods and an increased awareness surrounding online security, banks are now offering several modes of contactless payments to their customers. Here are the major trends of 2024 –  

  • Banks are offering NFC-enabled contactless payments: Near-field communication (NFC) is a technology that enables users to make a payment by tapping their credit cards or smartphones on a compatible terminal. Contactless payments are fast and very secure modes of online payment.
  • Customers can save more by depositing money in their mobile wallets: The user can link their credit card(s) (virtual or regular) to a mobile wallet and conveniently pay at a credit card terminal by waving their phone over it. Mobile wallets also help customers track their previous payments easily, thereby helping customers budget better and derive insights from their previous payments. 
  • Mobile banking apps are using biometric authentication to secure bank accounts: Several mobile banking apps are now offering customers the option of a ‘biometric login’. The customer can sign in via fingerprint scanning, facial recognition or an iris scan using biometric authentication. 
  • The Internet of Things (IoT) now powers smart devices and wearables: You might have seen banks promote their IoT products such as smart watches and other connected appliances. These devices are now payment-enabled and are helping customers make convenient online payments. 
  • Contactless payments are being incentivised as they promote environmental sustainability: Since virtual credit cards and contactless payments contribute to environmental sustainability, they have an overall positive impact on the environment. Banks incentivise customers to opt for contactless payments in various ways. 
  • Banks are using AI to detect and flag fraudulent activities online: Artificial intelligence algorithms are helping banks detect fraudulent activities online. These algorithms help banks identify and block suspicious transactions. 
  • Credit card offers and rewards are being delivered seamlessly through mobile banking apps: Thanks to the ubiquitous nature of mobile banking apps in the present-day banking system, banks can now offer personalised rewards-related recommendations to customers. Contactless payments and related technologies can improve the customer services of banks, thereby helping them serve their customers more efficiently. 
  • FinTech companies are collaborating with banks and financial institutions: FinTech companies offer cutting-edge technology to banks and financial institutions, thereby helping them serve their customers better. Customers can benefit from innovative solutions to banking issues thanks to this collaboration.

If you wish to sign up for a credit card online, you must consider opting for one of the services mentioned in this article. Doing so, along with utilizing a credit card EMI calculator, can help you improve the security of your credit card transactions to a great extent.