NCB ‘contactless’ card payment taps into Sumfest
Contactless card technology is being rolled out across Jamaica’s shores as financial powerhouse, NCB, encourages persons to “tap and pay” just in time for Sumfest.
Their EMV-enabled contactless system will allow merchants the ability to accept payment by holding their card close to, or tapping their card on the screen of the point of sale device. The card never needs to leave the customer’s hand, and the point of sale device does not require any card insertion.
Gregory Peart, Acquiring Sales Manager at NCB explained how the new tapping system helps protect consumers.
He revealed: “It is virtually impossible for our contactless cards to be intercepted as the technology only works when a card or device is within millimetres of the terminal. Contactless cards are also EMV-secure; generating a dynamic, one-time-only number that uniquely and securely identifies each specific transaction making it extremely difficult for a fraudster to copy the advanced encryption technology.”
According to Peart, the benefit to merchants is two-fold in security and speed.
“We are partnering with Sumfest to help shorten lines at the event – both at the entrance and in the Sumfest food and merchandise village. Contactless payments are 63 per cent faster than cash and 53 per cent faster than using a traditional credit card.
“We’re excited to start rolling out contactless technology in Jamaica. Contactless is widely used by tens of millions of people worldwide every day – not only for payment but in passports including the U.S. ePassport being issued by the Department of State and high-security identity cards” said Peart.
The technology has in recent years been adopted internationally with such positive results that companies like Mastercard intend to make all their systems worldwide by 2023 including Africa, Asia-Pacific, Europe and the Middle East.
NCB’s Contactless signals a new era in Jamaican banking, as the nation moves toward future-proofing. The rollout starts on July 17 and is expected to continue over the next four to eight weeks.