Contactless Payment
GeneralGlossary term
Definition
Tap-to-pay technology using Near Field Communication (NFC) for quick, secure transactions. Same security as chip cards with one-time encrypted codes. Limits typically $50-250 per transaction.
Related terms
- EMV ChipAn embedded microchip in credit cards providing enhanced security through encrypted, one-time transaction codes. Chip cards must be inserted rather than swiped during payment.
- Mobile WalletDigital payment apps like Apple Pay, Google Pay, or Samsung Pay that store credit card information for contactless smartphone payments. Uses tokenization for enhanced security.
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