Guide to Visa payWave in Australia
One of the most recent and exciting changes to the personal banking world has been the introduction of contactless bank cards. The Visa payWave is one such card that uses this technology. The new cards make it easier, faster and overall more convenient to purchase items using your bank card. Now instead of having to go through all the traditional boring tasks of swiping your debit or credit card, selecting accounts, entering your pin, waiting for approval and then waiting for the receipt, all you have to do is hold your Visa payWave card against the Visa payWave reader.
That’s the only step in the process. No more button pushing, no more covering your pin, no more signing papers, no more hassle. Amazing right?
How does Visa payWave work?
With a Visa payWave card, you can easily make purchases under $100, using the Visa payWave system. To find out whether or not your card has this ability, simply look for a Visa payWave logo.
When you have to pay for an item, you can use your Visa payWave card if the merchant has a Visa payWave reader (The cards can also be used with other contactless systems). All you have to do is simply hold your card against the reader, only for a second or two. The reader will then indicate if your purchase has been approved (The funds will come out of your nominated account). That's all there is to it, how easy!
How much does the Visa payWave cost?
Most banks now automatically include Visa payWave on any new Visa card issued to customers. If you would like to upgrade to Visa payWave before your card is due for renewal, it will usually be free, though it will be up to the banks who may charge a simple replacement card fee. The majority of banks do not charge any extra fees to have a Visa payWave card, but it all depends on the terms and conditions of each bank.
Where can I use Visa payWave in Australia?
Most retailers in Australia now have the technology to accept Visa payWave cards, including major retailers such as Bunnings, Woolworths, Big W, Coles, Kmart, and many more. Remember that you can still use your card as a regular debit card or credit card like you used to, the card functions as both a traditional card and the new contactless card, which means you can swipe or insert your card into machines that require this, including ATMs. You will also need to do this if you would like cash out with your purchase, as the Visa payWave contactless system does not allow purchasers to get cash out.
Is the Visa payWave card safe?
Although you cannot disable Visa payWave, you can choose which account is attached to the payWave function and also set limits on how much can be spent using this method. However the card is very secure, and is backed by Visa's Zero Liability policy, which means you won't be liable for any unauthorized transactions. You cannot accidentally pay for items with your card either, as your card has to be closer than 4cm to the reader and held there for a minimum of half a second for any transaction to be processed.
How do I get a Visa payWave card?
Banks usually have Visa payWave enabled on all new Visa cards, so simply by signing up for a new account with a Visa bank card included means you will receive the new Visa payWave card. If you already have a Visa bank card which does not have this feature, it will be included on your next replacement card, either when your current card expires or by requesting a new card.