HomeEconomy75% of banks will have contactless cards by the end of the year

75% of banks will have contactless cards by the end of the year

This technology allows card payments to be made through nearby wireless communication

The president of the Venezuelan Banking Association, Pedro Pacheco, reported that by the end of this year between 75 and 80% of banks will have contactless technology or “contactless payment.”

Pacheco announced that the initial limit of the card will be $20 to “speed up the process and evaluate how it works.”

“If you make a larger consumption then they will ask you for the password, there will be certain limits, depending on the amounts the demands will be greater,” he said.

From the I International Cybersecurity Congress, he maintained that it is necessary to promote a culture of data protection. “You can't be shouting your password or your email because you are giving information that begins to make you more vulnerable,” she said.

Pacheco revealed that 30% of small and medium-sized companies registered some incident in 2023.

In an interview with a private radio station, he estimated that by the first quarter of 2025, all banking entities will have 100% implemented contactless cards.

It should be noted that the adoption of this technology, which allows card payments to be made through NFC communication, has seen exponential growth in recent years and presents great advantages for consumers and businesses.

By incorporating this technology into credit cards and sales terminals, a communication channel is created that serves to send and receive information related to payment authorization securely. Thus, thanks to NFC it is possible to pay practically instantly by placing the card on the data terminal (POS), without having to insert it or pass it through the strip reader.

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