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Tuesday, October 20, 2020

IDFC First Bank to rollout NFC-based payment feature SafePay in a week

IDFC First Bank said that the SafePay feature has been tested successfully and certified by Visa and will be available to users on the bank's mobile app in the next one week.

By: Express Web Desk | New Delhi | Updated: September 25, 2020 3:34:45 pm
Pedestrians wearing protective masks walk past an IDFC First Bank Ltd. branch on a near-empty street in Mumbai, India, on Monday, May 4, 2020. (Photographer: Dhiraj Singh/Bloomberg)

Private sector lender IDFC First Bank announced that it will launch a contactless debit card-based payment facility through phone called SafePay next week. The new feature will allow the account holders to make a payment by simply waving their smartphone against a near field communication (NFC)-enabled POS terminal.

With the help of this new feature, IDFC First Bank customers do not need to carry their debit card or hand it over to the merchant. They only need to wave their smartphone to pay, thereby making the process touch-free and faster, the private bank informed in a statement.

IDFC First Bank said that the SafePay feature has been tested successfully and certified by Visa and will be available to users on the bank’s mobile app in the next one week. The SafePay feature enables contactless payments of up to Rs 2,000 per transaction up to a limit of Rs 20,000 per day.

“So far, convenience has been driving the adoption of digital payments. Now, the pandemic has quickened this pace. We see the NFC technology as significant in this digital play.” Amit Kumar, Head – Retail Liabilities, IDFC FIRST Bank, said in a statement.

He added that SafePay makes payment experience fast and frictionless and for a cardholder, it does away with the need for a physical debit card, and thereby, eliminates concerns about loss of cards.

“As consumers make a preference shift to digital, payment providers should be able to service any payment need, whether through physical cards or the near ubiquitous smartphone. And to meet such needs, we are delighted to enable tokenized tap to pay transactions for IDFC FIRST Bank customers,” Arvind Ronta, Head – Products, India and South Asia, Visa said.

Ronta added that with a virtual debit card, tokenization and contactless technology, tapping to pay with smartphones is now secure and simple.

How to enable SafePay?

IDFC First Bank Customers need to do a one-time activation by linking their debit card to the mobile banking app. On successful activation, they can make payments at merchant locations by just unlocking their phones and waving it against an NFC-enabled POS terminal, through which encrypted card information is transmitted wirelessly to the terminal.

Do users need to log into IDFC First Bank’s app every time?

The lender has informed that the users do not need to log into its mobile app for every transaction. The debit card can be added to the mobile app and deleted if needed. To enable payment, the NFC-enabled smartphone needs to be waved at the terminal within 30 seconds of unlocking it.

It must be noted that this new facility will be available for resident Savings Account holders having Visa cards and IDFC First Mobile App on NFC-enabled Android devices with OS 5 and above.

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