Hi , May I know why do you need to reset pin after used the wave ? I dont understand . If I got this card , I need to reset pin everytime after I use paywave? What is that for?
To be specific/precise.... it's inserting the PIN to reset the transaction count. There's a limit to the number of swipes you can make...
one word: SECURITY
paywave gives the flexibility of payment without verifying YOU as the owner.
now imagine you lose your card (unknowingly) and someone picked it up and go shopping spreeeeeeeeeeeeeeeeeeeee ... wave RM250 and below, wave everywhere, up until your CL depleted ... you dont know that's happening until checking internet banking (1-2 days later) or statement (maybe 1 month later)
what do you think the PIN reset is for?
by doing a PIN reset, YOU need to personally initiate the transaction by ENTERING a PIN. by doing this, bank guesses that YOU are actually holding the card, not lost or misplaced somewhere and (unauthorized) used by someone else.
this is risk mitigation. it cant solve all, but it reduces/mitigates the risks arised from being "flexible" at the first place.
separately, there are few limits controlled by the bank host (system)...
1) count of paywave txn count, maybe per day/week/month, and/or
2) count of paywave txn amount, maybe per day/week/month, and/or
3) count of continuous paywave transaction (velocity check), and/or
4) many more variations banks can enforce
by doing a PIN reset, you are basically "reporting yourself" to the bank that "you are present".