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.
According to Elizabeth Buse, Global Head of Product at Visa Inc.: "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. As the payments ecosystem expands, so does Visa's opportunity to deliver innovative products and services to a diverse set of stakeholders."
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:
- -United States: US Bank and Visa recently launched a Visa payWave debit program to bring the speed and convenience of Visa payWave to debit cardholders in California, Colorado, Missouri, and Utah.
- -In the greater Washington DC region, National Capital Federal Credit Union (NCFCU) announced this week that it is adding the Visa payWave feature to its current portfolio of Visa credit cards.
- -In the Los Angeles and San Francisco metropolitan regions, Visa and Coca-Cola are working together to install Visa payWave enabled vending machines, enabling consumers to simply "wave and go" when purchasing a beverage, instead of fumbling for coins and bills.
- -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.
- -China: The Industrial and Commercial Bank of China (ICBC), Beijing Parkson Shopping Center and Visa recently announced the launch of China's first co-branded Visa payWave card - the Peony-Parkson Visa payWave Credit Card.
- -South Korea: Visa and Starbucks have announced an exclusive partnership whereby Starbucks customers can simply pay for their purchases with a wave of their Visa payWave card or mobile device. Throughout South Korea, 12 major card issuers have launched Visa payWave programs, including Shinhan, Samsung, Hyundai, BC and Lotte Card. Visa payWave cards are accepted at various merchant locations including CGV, Homeplus, Primus, 7-Eleven, Lotte World, Red Mango, Michaa, Kyobo Books and SK gas stations.
- -Taiwan: Citibank became the eighth issuer of Visa payWave in Taiwan when it launched the Citibank Shopper's Choice card.
- -Thailand: Visa, Bangkok Bank and Bangkok Mass Transit System (BTS) recently introduced the Bangkok Bank Blue Wave Credit Card.
The Visa payWave-enabled card combines the features of a credit card, ATM card and BTS transit card into one simple design. Kasikorn Bank has also launched a Visa payWave program in Thailand with the rollout of its K-Wave Card. In Thailand, Visa payWave enabled-cards are accepted at merchants including Starbucks, Burger King, McDonald's, Paragon, Big C and Levi.
Visa payWave rollouts and trials have been announced in Australia, Canada, China, Brazil, France, Guatemala, Hong Kong, Indonesia, Italy, Korea, Malaysia, Poland, Singapore, Spain, Switzerland, Taiwan, Thailand, Turkey, the United Kingdom and the United States.
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.
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Debit Card Security - Before you swipe your debit card to pay for your purchases, you may want to know that debit cards have different levels of consumer protection and the possibility for consumer fees. Debit cards are directly connected to your bank account, when you swipe your card you must have the money in your account to pay immediately. If there is not enough money in your account, your bank may loan you the money through over draft protection if you have that feature. If you do not have over draft protection, hey may charge you up to $35 no matter if you only spent a couple of dollars or hundreds of dollars. There could even be fees when you use your card and PIN number. Make sure to review all terms associated with the use of your debit card.
Debit cards do not give the kind of protection against fraud if a card is lost or stolen that credit cards offer. Cardholders do not have much power when a purchase must be disputed because the merchant got their money. To get back any money, the cardholder must win any disputes. Consider that when reservations for hotels or rental cars are made, it places a hold on your debit card which is your checking account. This can affect other pending transactions. It may take up to a week for funds to be available again.
With a debit card and personal identification number (PIN), the cardholder is able to use ATM or Automated Teller Machines to withdraw cash, make deposits, or transfer funds between accounts. Beware, as some ATMs charge a fee if you are not a member of their ATM network. Some banks charge customers a fee for debit card purchases made with a PIN. For example, if you were shopping at a retail store and you swipe your card, and enter your PIN or sign for the purchase, you may be charged a small fee. Once you complete the transaction, the money for the purchase is transferred immediately from your bank account to the store's account. By using a debit card, federal law also does not give you the right to stop payment. Instead, you will need to resolve any problems with the seller.
If your debit card is lost or stolen, call the card issuer immediately. Unlike a lost or stolen credit card giving the cardholder a $50 liability for unauthorized use, a debit card can have much greater liabilities for the cardholder. That will depend on how quickly the card is reported lost. If a debit card is reported missing before it is used, you may not be responsible for any unauthorized withdrawals. The liability could reach $500 if reported lost after a few days but before 60 days. If the card is not reported after 60 days, the cardholder could loose all the money in their account due to fraud and have to pay for charges that went through on a line of credit for overdraft protection. Using online tools from card companies to be able to monitor bank accounts, is one of the best ways to take control of finances and watch for fraud.