Credit: Calvin Teo, May 2006
Wave and go. No pin number or signature needed!
When Visa payWave was first launched in Singapore, the news was met with skepticism that security (or the lack thereof) would be a deterrent to quick adoption. However, the payments firm today announced that three in every five Visa transactions at local supermarket NTUC Fairprice were conducted via its contactless option Visa payWave.
It also released information that contactless now represents 15 per cent of all Visa transactions in the country. With a casual wave of their card, Visa cardholders can pay for purchases up to S$100 at supported merchants. The technology was first introduced to all Fairprice supermarkets in July 2013.
Seah Kian Peng, CEO, NTUC FairPrice said, “Our customers have since expressed their appreciation, having used Visa payWave, on being able to conveniently checkout their purchases faster.”
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He added that the cashiers at FairPrice are also happy with contactless payments, given that not having to handle cash and change has helped them become more productive.
According to an official statement, there were a million Visa payWave transactions in Singapore. In December 2013, however, the feature hit 1.5 million transactions, which accounted for 15 per cent of all Visa transactions in the country.
To understand how Visa payWave works in terms of security, see the following image:
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