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Tap-to-Pay Overview

SafeBank's Tap-to-Pay feature brings the convenience of contactless payments to cryptocurrency transactions. Simply tap your phone to make or receive payments instantly.

What is Tap-to-Pay?​

Tap-to-Pay uses Near Field Communication (NFC) technology to enable contactless cryptocurrency payments. It works just like contactless credit cards or mobile payment apps like Apple Pay, but with cryptocurrency.

How It Works​

Making a Payment​

  1. Tap your phone on the merchant's payment terminal
  2. Confirm the amount on your screen
  3. Authenticate with biometric or PIN
  4. Payment sent - Transaction complete!

The entire process takes just seconds.

Receiving a Payment​

  1. Open the SafeBank app to "Receive" mode
  2. Show your phone to the payer's device
  3. Wait for tap - They tap their phone to yours
  4. Payment received - Funds appear instantly!

Key Features​

⚡ Instant Transactions​

  • Payments process in seconds
  • No waiting for blockchain confirmations for small amounts
  • Large transactions settle on-chain with full security

🔒 Secure​

  • Bank-grade encryption
  • Biometric authentication required
  • Transaction limits for added safety
  • All transactions logged and verifiable on blockchain

🌍 Universal​

  • Works with any NFC-enabled smartphone
  • Compatible with existing payment terminals (merchant mode)
  • Cross-platform: iOS and Android

💰 Low Cost​

  • Lower fees than credit cards for merchants
  • No transaction fees between SafeBank users
  • Minimal blockchain fees for external transfers

Use Cases​

Everyday Shopping​

  • Coffee shops and cafes
  • Restaurants
  • Retail stores
  • Convenience stores
  • Gas stations

Peer-to-Peer​

  • Split bills with friends
  • Pay back loans
  • Send money to family
  • Pay for services

Business Transactions​

  • Accept customer payments
  • Pay vendors and suppliers
  • Employee reimbursements
  • Invoice payments

Requirements​

Device Requirements​

For iOS:

  • iPhone 7 or newer
  • iOS 13.0 or later
  • NFC capability enabled

For Android:

  • Android 8.0 (Oreo) or later
  • NFC-enabled device
  • NFC turned on in settings

Account Requirements​

  • Active SafeBank account
  • Verified identity (KYC)
  • Funded wallet
  • Biometric authentication enabled (recommended)

Transaction Limits​

For security, SafeBank implements transaction limits for tap-to-pay:

Default Limits​

Single Transaction:

  • Without authentication: $25
  • With PIN: $100
  • With biometric: $500

Daily Limits:

  • Basic verification: $500
  • Full KYC: $2,500
  • Enhanced verification: $10,000

You can adjust these limits in your security settings.

Transaction Speed​

SafeBank uses a hybrid approach to balance speed and security:

Instant Payments (Off-Chain)​

For transactions under your instant payment limit (default $100):

  • Payment completes in under 3 seconds
  • Settled internally between SafeBank wallets
  • Later batched and settled on-chain
  • Lower fees

Standard Payments (On-Chain)​

For larger transactions or payments to external wallets:

  • Transaction submitted to blockchain immediately
  • Initial confirmation in 1-5 minutes
  • Full confirmation varies by network
  • Higher security with full decentralization

Fees​

SafeBank-to-SafeBank​

  • FREE for both sender and receiver
  • No hidden fees
  • Any amount

External Payments​

  • Network fees apply (paid to blockchain, not SafeBank)
  • Bitcoin: ~$1-5 per transaction
  • Ethereum: ~$2-50 (varies with network congestion)
  • Stablecoins (USDC/USDT): Similar to Ethereum

Merchant Fees​

Merchants accepting tap-to-pay payments:

  • 0.5% per transaction (vs 2-3% for credit cards)
  • No monthly fees
  • No setup costs
  • Free hardware app

Security Features​

Multi-Layer Protection​

  1. Device Security

    • Biometric authentication
    • PIN protection
    • Device encryption

  2. Transaction Security

    • Amount verification required
    • Transaction limits
    • Real-time fraud detection
    • Suspicious activity monitoring

  3. Network Security

    • Encrypted data transmission
    • Secure NFC communication
    • Blockchain verification
    • Immutable transaction records

Fraud Protection​

SafeBank actively monitors for fraudulent activity:

  • Real-time transaction monitoring
  • Unusual pattern detection
  • Automatic security holds on suspicious activity
  • Instant transaction notifications
  • Dispute resolution support

Privacy​

What Information is Shared?​

During a tap-to-pay transaction:

Shared:

  • Transaction amount
  • Your SafeBank username (optional)
  • Timestamp

NOT Shared:

  • Your full wallet address (unless requested)
  • Your balance
  • Your transaction history
  • Personal information

Privacy Settings​

You can control your privacy:

  1. Go to Settings → Privacy
  2. Choose privacy level:
    • Public: Share username in transactions
    • Semi-Private: Share encrypted identifier only
    • Private: Minimum information sharing

International Use​

SafeBank Tap-to-Pay works globally:

  • No foreign transaction fees
  • Automatic currency conversion (if needed)
  • Works in 180+ countries
  • Local currency display

Exchange rates are updated in real-time and displayed before confirming transactions.

Offline Mode​

SafeBank offers limited offline functionality:

Offline Payments​

  • Small payments (under $10) can be made offline
  • Transactions queue and sync when online
  • Maximum 5 offline transactions
  • Requires prior online sync

Note: Offline mode is for emergencies only. For best security, ensure internet connection.

Accessibility Features​

SafeBank is designed to be accessible for everyone:

  • Voice guidance for visually impaired users
  • Large text mode for easier reading
  • High contrast mode for better visibility
  • One-handed mode for ease of use
  • Haptic feedback for confirmation

Learn More​

Ready to start using Tap-to-Pay?

Questions about Tap-to-Pay? Contact support@safebank.io