Citibank, the consumer banking arm of financial services giant Citigroup, has launched Singapore’s first contactless payment tag used for credit card payments, according to the Business Times.
The Citibank Quick Pay Tag is attached to the back of the customer’s mobile phone, and is linked to their existing Citibank Visa credit card. Using Visa contactless payment technology, the Quick Pay Tag can be used through checkout anywhere Visa payWave is accepted.
When making a payment for items, the tag is held to a Visa payWave reader and the purchases is complete and recorded in a matter of seconds. For smaller purchases, no PIN or signature is required, which increases the transaction speed further.
Visa payWave technology has been powering Citibank’s contactless credit cards since initial launch in 2010.
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