We all are familiar with the EMV chip debit and credit cards that need to be swiped or dipped at/in a Point-of-Sale (POS) terminal and requires a Personal Identification Number (PIN) to complete the transaction. A contactless card is a new kind of debit or credit card that does not require swiping through a POS terminal or a PIN to execute the transaction. You simply have to tap or wave the card over the POS terminal compatible with contactless transactions and the transaction will be executed within a few seconds.