Contactless credit and debit cards have change the way we spend things and Visa payWave is at the front of the revolution.

While these cards look very similar to standard Visa debit cards, a distinctive contactless logo on the front of the card makes payWave Visa card easy to identify. It is much like PayPass from Mastercard.

Instead of needing to swipe or enter the debit card into a machine, these cards will electronically transmit payment instructions to and from payWave-enabled card terminals via a tiny antenna embedded in the security microchip.

For Visa payWave customers, these simple steps can be used to complete a transaction once a contactless terminal is in place:

1. Hold the card within four centimetres of the card reader
2. Wait for four green lights to appear on the reader
3. Remove the card
4. Enter your PIN

In general it will take less than a minute for the transaction to be processed and for purchases under $100 you will not have to enter a PIN for the transaction to be processed and you can also choose whether to get a receipt for these smaller card charges.

To reduce the chance of transaction errors, the payWave processing terminals, like normal EFTPOS processing machines, are designed to only make one transaction per card at a time. Each transaction must also be completed or cancelled before another can take place, so there is very little chance of accidental charges using payWave.

In fact, it is very similar in features to regular debit cards, but with the benefit of faster processing. Other card security includes:

• Chip technology
• Secure payment networks; and
• Visa’s Zero Liability policy

The card can also be used as a regular debit card if there is not a payWave card reader in place by swiping the magnetic stripe or inserting the card into the machine, giving cardholders even more payment flexibility.

To take advantage of this contactless payment option, consider finding a bank that currently has Visa payWave options, like ANZ, NAB, Macquarie or Westpac.

Otherwise, the Visa website has plenty of information for curious cardholders to consider.