r2k-in-the-vortex t1_j6haalv wrote on January 30, 2023 at 8:53 AM

Reply to comment by saywherefore in ELI5: Why are contactless payment methods faster than inserting the chip? by jimmysofat6864

Yeah that's not true in my experience, contactless does confirm and the payment immediately reflects in your credit/debit balance. Sometimes banking app in phone even gets the notification before the payment terminal passes the payment.

saywherefore t1_j6hdf3r wrote on January 30, 2023 at 9:38 AM

The payment can be cleared in real time, but doesn’t have to be. And if the payment is cleared in real time then a contactless payment will take just as long as a chip and pin transaction (minus the human faff).