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IDFC Bank to Launches SafePay, Contactless Debit Card Transaction Facility

Over the period of six months, the shares of the lender have gained more than 67%.

IDFC First Bank is all set for launching a digital facility SafePay, that allows contactless debit card payments by simply waving a smartphone against a POS enabled terminal, Near Field Communication (NFC).

SafePay embeds Near Field Communication (NFC) technology in the bank’s IDFC First Mobile App that enables secure payments using a debit card. The bank has taken the initiative towards a social distancing way to pay and has completely moved away with the need to hand over the card to a merchant or even to carry it in the wallet.

SafePay allows making the payment process not only touch-free but also making it simpler, faster and safer by a wave, pay and go option. It is the first such facility which is made available in an integrated mobile banking app and has been tested and certified successfully by Visa. The feature will be made available to the users on the bank’s mobile app in the upcoming next week.

“SafePay makes the payment experience fast and frictionless. For a cardholder, it does away with the need for a physical debit card, and thereby, eliminates concerns about loss of cards. It is the easiest way to check-out of a store in seconds,” said Head – Retail Liabilities, IDFC FIRST Bank, Amit Kumar. The SafePay feature enables contactless payments of up to Rs 2,000 per transaction, up to a limit of Rs 20,000 per day, making everyday purchases simpler and faster.

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