IDFC First Bank will launch “SafePay” a contactless debit card-based payment facility. This payment facility will allow contactless debit card payments by simply waving one’s smartphone against a Near Field Communication (NFC)-enabled POS terminal.
- SafePay embeds Near Field Communication (NFC) technology in the IDFC First Mobile App to enable secure payments using a debit card issued by the Bank.
- A social distancing-friendly way to pay, SafePay completely does away with the need to hand over the card to a merchant or even carry it in the wallet.
- SafePay enables contactless payments of up to Rs 2,000 per transaction and up to a limit of Rs 20,000 per day, making everyday purchases easy.
Important takeaways for all competitive exams:
- MD & CEO of IDFC First Bank: V. Vaidyanathan.
- Headquarters of IDFC First Bank: Mumbai, Maharashtra.