Tap to Pay with Our Bank Credit & Debit Cards
Payments were forever altered during the pandemic as everyone moved towards contactless payments. These contactless payment methods like tap-to-pay and mobile payment options came quickly into fashion and don’t appear to be leaving anytime soon.
Not only are these payment options popular, but they’re also widely considered more secure. As such, all new and reissued bank and credit cards through the Dream First Bank are contactless and mobile wallet enabled! When cardholders tap to pay, checkout is secure, convenient, and touch-free.
With this change in place, we wanted to take some time to cover contactless payments, how they work, and what makes them secure:
What are contactless payments and are they secure?
Contactless payments are transactions made by tapping either a contactless chip card or payment-enabled mobile or wearable device over a contactless-enabled payment terminal. Cards, phones, watches, and other devices use the same contactless technology.
Contactless chip cards use the same security as contact chip cards by generating a one-time code. Similarly, a unique digital identifier protects payment information on contactless transactions made with a payment-enabled mobile or wearable device.
Mobile payments often represent an even higher level of security than contactless chip cards. That’s because the vast majority of mobile payments also require a biometric signature like fingerprint or retina scans as two-factor authentication for payment. This represents an obviously higher level of security than a simple pin or zip code entry.
Mobile payments enable the user to tap their phone on the payment terminal in the same way they would with a physical card.
How contactless payments work
There are a few different elements to the way that contactless payments and contactless chip cards function. The main thing to remember with these is that:
In general, these use short-range wireless technology to make secure payments between a contactless chip card or payment-enabled device and a contactless-enabled terminal. In doing so, these payments are providing the ability to “tap” the terminal to pay - without the need to swipe, dip or insert the card.
It is important to note that contactless payments require no physical contact between a device (e.g. card, mobile phone) and a checkout terminal. A simple tap on the interface is enough for payment to initiate and complete without any other input needed.
Contactless chip card:
A contactless chip card is a card with near-field communication (NFC) antenna technology enabled within it. This allows cardholders to make a payment at a contactless-enabled checkout terminal using a contactless chip card and/or payment-enabled device (mobile phone, wearable).
Sometimes these go by the name of a “dual interface” card. As the name alludes to, these cards support contactless payments in addition to contact payments. When cardholders tap to pay at a contactless-enabled terminal, it processes the payment using the same dynamic security technology as with EMV contact chip card payments.
Dream First Bank is Here to Help
Dream First Bank remains dedicated to maintaining its position on the cutting edge of payment methods and security. As such, we have a focus on bringing this technology to every one of our customers.
For our Credit Cards, if you have not yet received a contactless card, call 800-675-6284 or email CCServices@bbok.com to request one.
For our Debit Cards, if you have not yet received a contactless card, call 800-773-3184 to request one.
Contactless payments are easier, more secure, and increasingly more accepted by vendors worldwide. Don’t keep using an outdated payment method, contact us today to enter into the new world of payment options.