SBI Visa Contactless Debit Card – Transaction Limit, Issuance and Annual Charges, How it works, Benefits
Visa payWave contactless technology is the latest trend in the way you make payment. Contactless debit card are the regular debit cards with contactless payment feature. More than 60 percent POS transaction in India are below Rs. 2000/-. As per RBI guidelines, transaction amount below Rs. 2000/- can be processed without need of PIN. So, many banks and financial institutions have upgraded their debit and credit cards with Visa payWave contactless technology.
Country’s largest lender bank, SBI also come with Visa contactless debit card SBI InTouch Tap and Go that enable cardholder to do contactless transactions without need of swiping or dipping into the card reader.
Through this post you will know,
- What is SBI Visa Contactless Debit Card?
- What are Issuance and Annual Maintenance Charges
- Transaction Limit
- How it works
- Benefits: Why you should have this card?
- What is contactless technology
What is SBI Visa Contactless Debit Card
SBI InTouch Visa Contactless Debit Card is a multi-purpose international debit card powered with contactless payment technology. This feature enables the cardholder to make electronic payments by just waving the card near contactless POS terminal rather than dipping or swiping into the machine.
Customer can use the SBI visa contactless card at any merchant location, wherever there is contactless symbol on POS terminal. Payment by SBI visa contactless card takes significant less time over other mode of payment. It also reduces the risk of fraud, as card never leaves customer’s custody.
Issuance and Annual Maintenance Charges
- Issuance Charges – NIL
- Annual Maintenance Charges – Rs. 175/- + GST
- Card Replacement Charges – Rs. 300/- + GST
These charges are subject to revision from time to time.
Daily Cash Withdrawal Limit at ATMs
|Minimum||Rs.100/-||Varies from ATM to ATM|
|Maximum||Rs. 40,000/-||Varies from country to country, subject to a maximum of USD equivalent to INR 40,000/- per day|
Daily Point of Sales/ Online Transaction Limit
|Minimum||No Such Limit||No such limit but subject to local regulations.|
|Maximum||Rs. 75,000/-||POS Transaction Limit : Varies from country to country , subject to a maximum of foreign currency equivalent of Rs. 75000/-
Online Transaction Limit : Maximum per transaction and per month limit of foreign currency equivalent of Rs. 50000/-, available only at select international online websites.
How it works?
For contactless payment with SBI InTouch Visa Contactless debit card, there must be contactless logo at a merchant site. Here is how it works –
- Find a merchant with contactless logo at the POS machine.
- Merchant enter the bill amount details in POS terminal at checkout.
- Tap your card within 4 cm read range of contactless POS terminal
- When you hear the beep sound, the transaction is complete.
- A green light at the contactless terminal will confirm the transaction.
Benefits: Why you should have this Card?
You reap following benefits with SBI InTouch tap and go debit card –
- No PIN needed for contactless transaction up to Rs.2000/-, making it faster and saving your time.
- PIN is required if transaction amount exceed Rs. 2000/- for safety and security.
- Transaction by contactless mode is done in seconds as soon as you bring the card within 4 cm range of contactless POS terminal.
- Maximum threshold limit is Rs. 2000/- for contactless payment mode.
- Maximum five transactions are permitted in a day in contactless mode.
- In-built encryption technology protect the card data and provide security to transaction.
- Reduce the chance of fraud as card never leaves customer’s custody.
- These debit cards can be used for shopping at around 10 lakh merchant establishment in India and 30 million worldwide.
- The card can be used withdrawing cash from SBI Group ATMs or other ATMs in India and worldwide.
What is Contactless Technology?
- The card work on Near Field Communication (NFC) technology.
- This technology makes use of radio transmission to transmit payment information when card is waved near the POS terminal.
- Contactless Debit Card is secured with a Contact & Contactless Chip along with Magstripe and NFC antenna. The NFC antenna is used for Contactless transactions.
- When they are used at a contactless reader they securely transmit purchase information to and from the contactless reader.
- The Chip and the magstripe portion is used for purchases at POS and transactions at ATM and where Contactless payments are not accepted.
- sbiINTOUCH Tap & Go cards are secured with EMV contactless standard. As contactless transactions require significantly less time compared to traditional card based transactions, these cards enhances the customer convenience, while at the same time enabling the merchants to process payments faster.
- This card can be used at merchant locations where contactless payment is accepted.