Why is My Credit Card Being Declined Online When I Have Money?

For the past few years, our lifestyle has been constantly changing. Changing with it is our economic dealings and the way to accomplish it, at one time we were dealing in cash only. There has also been a rise in digital payments in India with different lifestyles. There have been many changes in the way payment is made in India. Then it would be a matter of payment with QR code or the technology of contactless cards. Over time, the exchange of rupee has become easier. Contactless credit cards are now slowly replacing magnetic stripes and chip cards.

Contactless credit cards use two technologies - Near Field Communication and Radio Frequency Identification (RFID). Payment is automatically made when such a card is taken to a POS machine equipped with this technology. Payment can be made even if the card is kept in the 2 to a 5-centimeter range of the machine. It also does not require putting the card in a machine or swiping it. Also, no pin or OTP is required.

Due to this technology, OTP, PIN or card clone can be saved from fraud. However, at first glance, this may seem harmful. Even though the maximum limit of contactless payment is Rs 2,000. PIN or OTP is required if withdrawing more than that amount. If not careful, the risk of loss of Rs 2,000 increases. Like every new technology, it has many advantages and disadvantages. The advantage is that it is a simple, fast and secure means of payment, as there are many security layers on the payment information, which cannot be misused. Talking about loss, it is possible for people who use this type of card to know that the cardholder does not know about payment from the card kept in the wallet.

A fraudster can withdraw up to 2,000 rupees from your card without your knowledge by bringing the card swipe machine to the wallet in your pocket in a crowded place. So it is important to keep these contactless cards in a safe place. There are several card holders available in the market that block RFID so that no contactless card can be misused. If you use a contactless card, it should be kept in such covers.

Another drawback of this card is that such cards are still not accepted everywhere in India. And not all banks give this card to their customers. As the trend of contactless cards continues to grow in the future, the demand for RFID blocking cardholders in the market will also increase in order to make this technology more secure.