VISA Contactless Payments using tap-to-pay

What you should know

Many credit cards are now able to make contactless payments with RFID (radio-frequency identification).  Instead of swiping or inserting the card, the RFID-enabled cards need to be within just a few inches of the reader for payment processing.  This allows for a timelier transaction.

We hear about the need to protect our contactless card from the risk of being skimmed.

The risk of being skimmed is highly unlikely.  In addition, Visa cards offer protection from any unauthorized use with Visa’s Zero Liability Policy.

If you have a RFID-enabled card, you will have this small wireless symbol on your card:

Visa provides a list of FAQ’s on their website to include these facts:

• Contactless-enabled terminals will only communicate with one card at a time, protecting any other RFID cards you may have with you.
• If you have more than one RFID (tap-to-pay) card in your wallet, be sure to individually tap the card you wish to use, and not your wallet.
• You cannot unknowingly make a purchase if you are next to a terminal because the merchant must initiate the purchase.
• The card or device you wish to use must be within 2 inches of the contactless-enabled terminal for the transaction to take place.
• Visa protects the cards from having information “skimmed” because each transaction generates a one-time transaction-specific code.
• Due to the nature of the code and additional fraud protection processes built into the Visa network, it is difficult to use skimmed cardholder information for fraudulent purchases.
• The information transmitted includes the account number, expiration date, and the one-time transaction-specific code.
• The code is different than the code encoded on the magnet strip of a visa card.
• Because of the unique one-time code for each in-person transaction, you can’t double pay, even if you accidentally tap twice.
• Even with a tap-to-pay card, you can still swipe or insert your contactless card, just like any other Visa card.

For more Visa FAQ’s please visit Visa’s website HERE.

As a Personal Financial Coach, I help guide people in setting up a money plan, understand options to pay down debt and set goals for the future.  I meet in-person at our El Rio Branch or by Zoom or phone.

If you’d like to meet CLICK HERE to schedule your Personal Financial Coaching session.

Lisa Atkinson
TFCU | Personal Financial Coach
latkinson@3588612.com

As a Personal Financial Coach, I do not provide legal or tax advice. Tucson Federal Credit Union does not guarantee that this service will achieve any particular objective or outcome. For any legal advice, please seek the advice of an attorney or tax professional.