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Visa payWave Gains Global MomentumSubmitted by epayments on July 7, 2008 - 8:16pm.Issuance and acceptance continues to increase globally as Visa migrates to enhanced contactless technology specification SAN FRANCISCO--(AllPayNews)--Visa, the global leader in payments, today announced significant milestones in the adoption of Visa’s contactless technology feature, Visa payWave, demonstrating continued global momentum for the technology around the world. Visa payWave-enabled cards allow consumers to simply “wave and go” making every day transactions faster and more convenient. The technology is expanding to new merchant segments and is being added to an increasing number of Visa credit, debit and prepaid cards globally. Visa also announced today that it is currently migrating to an enhanced global specification, Visa Contactless 2.0, to further support the growth of Visa payWave around the globe. The new global contactless specification is based on the international EMV chip standards, enabling Visa to take advantage of the industry's most advanced cryptographic techniques for Visa payWave transactions, regardless of where the card was issued or where the transaction takes place. “Visa payWave is an excellent example of Visa’s approach to innovation and our ability to extend the value of Visa to new stakeholders and new market segments,” said Elizabeth Buse, Global Head of Product at Visa Inc. “As the payments ecosystem expands, so does Visa’s opportunity to deliver innovative products and services to a diverse set of stakeholders.” Visa payWave Global Momentum Drivers According to Javelin Strategy & Research, 24.8 million consumers worldwide will use chip-embedded credit cards for contactless payments this year, and the firm estimates that the number will double within five years. This trend is also reflected in the increased adoption of Visa payWave technology worldwide: Brazil: Visa and Banco Bradesco are the first to market in Brazil with contactless payment cards, and have recently introduced the first Visa payWave pilot program. The initiative brings the benefits and security of contactless technology to consumers and merchants, while building on the existing EMV infrastructure. The trial allows consumers to make no-PIN or no-signature Visa payWave transactions for all purchases below R$100 at any Starbucks location throughout Brazil. Visa is currently migrating to a global contactless payments specification that will ensure Visa cardholders can use their contactless cards worldwide while still providing issuers with the flexibility to customize programs to meet local market needs. The specification provides additional security options and enhanced performance for faster transaction processing. The new framework is compatible with existing Visa contactless card programs in the market and in development. The specification also supports all payment platforms – credit, debit and prepaid, and can also be embedded in mobile devices. “With millions of contactless cards worldwide, Visa has developed a global contactless platform built on the experience of implementing programs in multiple countries and regions,” said Elizabeth Buse, Global Head of Product at Visa Inc. “This new specification will allow card issuers and vendors globally to implement contactless solutions that are globally interoperable while also providing advanced EMV-based security.” Visa first published a contactless specification in 2002, primarily to focus on local market implementations and requirements. Following extensive experience with numerous trial and commercial programs around the world, Visa has updated the specification to provide an effective roadmap for financial institutions and vendors to move to interoperable programs. The specification provides flexibility by allowing issuers to choose the options and features that best meet their local market needs while ensuring global interoperability. It also provides enhanced security options to enable greater card and data protection. Another major feature of the specification is that communications between the card and terminal have been streamlined to provide faster transaction processing. This makes Visa payWave ideal for environments where speed is of the essence, such as parking garages, mass transit, quick service restaurants, and convenience stores. For more information about Visa payWave, visit www.visa.com. About Visa Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com. Contacts »
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