Paywave | Everything You Need To Know About Contacless Payments!

Paywave: How does it work? What is the limit?

Paywave has revolutionised the way we handle money. Yet, there is great debate amongst people young and old as to whether Paywave is a stroke of genius or a disaster waiting to happen. So, we thought we would investigate the highlights and the downfalls of Paywave.

Paywave cards can come in the form of credit cards, debit cards and prepaid cards. They will have a Paywave symbol on them, if your card does not have one of these then it is not equipped with the Paywave technology and you need to speak with your banking institution about acquiring a new Paywave card.

How do they make paywave or contactless payments safe?

There are many benefits to paywave and contactless payments, however, they do also have risks of theft and loss like any other card.

However, new technology has the added advantage of being ahead of the hackers and in some ways having the newest technology is actually safer than older technology and cards as thieves and hackers have had more time to work their way around older safeguards.

Another positive however is Visa and Mastercards zero liability promises to their customers. They stipulate that if you have an Australian issued card you will not be held liable for fraud or unauthorized transactions if you have an issue with a transaction you just call them as soon as possible to have the transaction investigated. Which is pretty amazing! They must be very confident in their product to be offering those kinds of reassurances!

When using paywave or contactless payments you are not required to hand over your card, this means the opportunity of card skimming is removed from the equation (most card skimming happens at this point of the transaction process).

Paywave or contactless payments have a $100 limit, therefore if your card is stolen or skimmed they will only be able to spend up to $100 without your pin number. This limit greatly reduces the amount available to fraud. It does, however, mean that customers are required to enter their pin for purchases greater than $100.

All Paywave and contactless cards are equipped with built-in encryption and security similar to your computer, which is specifically designed to transmit data. Banks and financial institutions are always updating this technology to keep their customers protected; therefore updating your card regularly is a good practice! There is also no need to worry about being charged multiple times as each transaction has its own unique code to prevent customers from being charged twice.

How it works

  1. Tap your paywave or contactless card against the reader. The card only works when the card is within 4cm of the card reader.
  2. Listen for the beep and the green lights to ensure payment has been approved.
  3. Under $100? Then your transaction is complete!
  4. Over $100? You will now need to enter your pin to complete the transaction.

Mobile phone contactless payments

Whether you can get mobile phone Paywave or contactless payment will depend on your banking institution and your mobile device. You should check with your bank if this service is available to you with your current device.

If it is available to you, you would need to download the relevant app and follow the instalment instructions and then follow the above steps to make your Paywave transaction.

What’s coming next with Visa

Want to go next level with Paywave? Then check out Visa’s new wearable’s range, they are waterproof and can be linked to any existing account and are specially designed for active use like running, swimming and active sports.

Visa is also working with Australian sunglass designers to develop a pair of sunglasses you can pay with! Paywave sunglasses, look out for this one!

Therefore, are paywave or contactless payments safe?

It would appear that the banking institutions are going to great lengths to keep their customers safe and happy with this new technology and offering them zero fraud clauses. So it appears these times are a changing, again!

One added benefit of having a contactless payment solution is hygiene. As the COVID-19 (Coronavirus) pandemic swept across the world, individual hygiene was brought into question. As was recommended by health officials, avoiding contact with items open to the public was one of many recommendations that were made to reduce the spread of the virus.

As such, the transfer of physical money was heavily discouraged within many of the countries stores. Contactless Paywave payments offered a fast, easy and hygienic solution to this problem.

Who is Nifty?

Nifty Loans is an online private money lender. We can help you find fast personal finance when you need it most! Need a hand purchasing some white goods? Or how about vet bills and pet finance? We can even facilitate personal loans for bad credit in certain circumstances! So, whatever you need, Nifty could provide the easy loans you’ve been searching for.

Who can apply with Nifty?

Like what you hear? The good news is we like to keep things pretty simple and straightforward at Nifty, and this includes our application criteria! Here’s what you’ll need to be able to say ‘yes’ to:

  • All applicants must be over the age of 18;
  • You must have received some type of regular income for the last 90 days into a bank account that is your own;
  • Applicants must have an active mobile phone number and email address that we can contact you on; 
  • Internet banking must be set up.  

If you meet the criteria above you could scroll up right now and apply for a Nifty loan. Nifty is proud to be making it easier than ever for Aussies to access the fast cash they need without the fuss. Feel free to get in touch with our team today if you’ve got questions regarding our application criteria. 


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Andy Andy


Andrew Bell

Since founding Nifty in 2016, Bell has continued to make waves within the local financial sector for his continued ambition and willingness to adopt emerging technologies.

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