Beginning today until September 30, 2019, Mastercard, in partnership with The SM Store, will run a promotion to encourage shoppers to make payments using their contactless-enabled Mastercard credit cards. The contactless cards can be identified through a symbol on the card face that is similar to the Wi-Fi symbol, albeit turned sideways. Shoppers using the contactless Mastercard credit cards stand a chance to win PhP 1,000-worth of gift cards when they make a one-time purchase worth PhP 3,000.00 or an installment purchase with a total value of PhP 5,000.00.
Though still in its infancy in the Philippines, contactless payments are already widely used in other countries such as Singapore, Australia, and England. Payments via contactless cards are fulfilled by simply tapping the card on a point-of-sale (POS) terminal. For low value transactions, no PIN or signature is required; cardholders can simply Tap & GoTM. Faster checkout lines are now made possible even during The SM Store’s famous 3-Day Sales, thanks to contactless payment technology. Therefore, this payment method is deemed effective in grocery and convenience stores, cinemas and gas stations where long queues can be curtailed through quicker payment transactions.
In the Philippines, transactions beyond Php 2,000 require the cardholder’s signature as a layer of security from unauthorised transactions. It is important to note that shoppers will be billed only once even if they accidentally tap on the point-of-sale terminal multiple times. The EMV chip embedded in the card effectively safeguards card details as it creates dynamic data every time a transaction is made, making it nearly impossible for fraudsters to duplicate or clone the card.
Contactless technology not only makes transactions more convenient than fumbling for cash or counting loose coins at the checkout, but also much safer because they are protected by Mastercard with global zero liability promise and will not be liable for unauthorized charges.[1]
Through such innovations, not only do customers benefit but, Mastercard enables merchant partners to do business with greater efficiency while at the same time ensuring safety as transactions are processed.
