As more and more people apply for credit cards, credit cards also have the function of password-free and signature-free. Transactions can be completed by password-free and signature-free. So what does credit card password-free and signature-free mean?
What is the meaning of credit card password-free and visa-free?
Credit card password-free and visa-free means holding a UnionPay chip card or mobile device with a QuickPass logo and making payment through contactless methods at designated merchants. For online transactions of a certain amount, you only need to swipe the card or mobile device close to the QuickPass sensing area of ??the acceptance terminal such as a POS machine to complete the payment without password verification or signature confirmation.
However, credit card PIN-free and visa-free transactions can only be completed if the amount is less than 1,000 yuan. Relatively large amounts require credit card swiping and payment without PIN to complete the transaction. Moreover, credit card banks provide cardholders with a 72-hour compensation mechanism. If the card is lost, the transaction amount is less than RMB 1,000 and occurred within 72 hours before the loss was reported, you can apply for compensation.