Malta-based Bank of Valletta (BOV) is set to introduce contactless cards in order to provide better payment experience to its customers.

The move follows the launch of new electronic point of sale devices (EPOSs) at main retail outlets and establishments across Malta and Gozo.

The bank said that the new EPOSs are capable of accepting contactless card payments.

At the outset, BOV plans to migrate its current card base to contactless cards and all cardholders shall be notified accordingly. The lender will further provide users with information regarding the use and security features of contactless card.

BOV executive of electronic payments Ivo Camilleri said: “Contactless cards are the latest innovation in the world of card payments. Contactless cards combine the security and peace-of-mind of chip-and-pin, with the ease of use afforded by wireless technology. Paying for a transaction becomes as simple as tapping your card over the card reader.

“Payments of up to €20 will just need to be tapped to the terminal without the need to enter the PIN to authorise the transaction. The positive experience afforded by contactless cards is set to transform the way we pay for low-value goods and services.”

BOV head of card business Chris Degabriele said: “Contactless technology spells important benefits for the retailer as well. When processing payments with contactless cards, one sees a reduction in cash handling and the transaction time is significantly reduced.”