In the existing friction brakes there are several problems such as squealing, judder, thermal and mechanical failures, disc distortions etc. Hence, in the current work an effort is made to develop contactless braking system using eddy current principles. Aluminum disc along with Neodymium – Iron – Boron (NdFeB) permanent magnets are used for investigations. Thickness of discs considered are 4, 6 and 8 mm. Speeds of disc rotation are equivalent of 75.39 Km/hr, 113 Km/hr, 150.8 Km/hr and 188.5 Km/hr. Considered brake parameters are percentage of reduction in speed, negative acceleration and time consumed. In lone magnet situation with gradual application, higher percentage of reduction in speed, good negative acceleration and less time consumed were observed in 4 mm disc thickness. Hence is suitable for faster train applications. In lone magnet with rapid application situation, superior negative acceleration and lesser time consumed were found in 4 mm disc thickness. This situation is beneficial for high speed automobile applications.