Contactless card for payment, cash withdrawal

There will be no chance of cloning and no need of using password for drawing cash and making payment through electronic cards.

VISA says its contactless card will be free from scope for cheating with the number of personal identification number (PIN) committed by organised groups.

When formally launched in Bangladesh, cardholders will be able to wave their cards against the contactless reader for both making payment and drawying cash from booths, VISA officials said.

The digital payment solution, Visa Inc, unveiled the first ever contactless card in Bangladesh on Thursday, while celebrating the company's 30 years of operation in the country.

The contactless card will be commercially launched soon by its partner banks, VISA’s group country manager for India and South Asia TR Ramachandran said at the programme in a city hotel.

VISA, which began operation in Bangladesh in 1988, is currently associated with 47 public and private sector banks.

Asked about security system, he said the new technology would lessen the risk of cloning the cards and enhance security of customers during transactions.

About the economic benefits of digital transactions, Ramachandran cited VISA's research and said Bangladesh can gain $1.5 billion annually taking advantage of the digital economy.

Currently, 12.7 million Bangladesh people use digital card, the VISA official pointed out.