Visa announces the dawn of ‘Visa payWave™, the contactless payment feature
Coinciding with the worldwide introduction of its contactless payment feature, Visa International has developed a global name for its innovation: Visa payWave. The name was chosen because it provides consumers with an illustration of the action required to make a contactless payment and best communicates the transaction speed, ease and convenience of using the contactless feature, which requires no swiping or signature for purchases less than $25.
Visa conducted global consumer research to determine the best way of identifying its contactless feature. According to consumers participating in the research, “payWave” was identified as a good way to illustrate the contactless feature of a payment device, like a card or mobile device. Visa also utilized marketing intelligence from its Asia Pacific region which had successfully introduced the contactless feature as “Visa Wave” in Korea, Malaysia and Taiwan.
Kamran Siddiqi, General Manager for Visa International, Middle East said: “The introduction of Visa payWave globally is significant as it best demonstrates the simplicity of using this technology and the convenience it offers to cardholders. Visa is closely working with UAE banks to roll out a Visa payWave contactless card programme.”
‘Visa payWave’ contactless technology enables consumers to pay for items with a wave of a Visa card over a sensor device at checkout instead of swiping it. All other aspects of a Visa payWave transaction are handled in the same way as a traditional Visa transaction. Visa payWave builds on the success of Visa’s “No Signature Required” (NSR) program as it offers merchants in traditionally cash-heavy, smaller ticket businesses with a payment option that can decrease check-out times.
Visa payWave-enabled products offer quicker transaction times and leverage the security of chip card technology, which has already been rolled out in several GCC and Middle East markets, utilising similar standards for global interoperability and fraud prevention. Visa employs technology both on the card itself as well as on Visa’s processing network to help prevent fraud.
A special contactless indicator will be displayed on all Visa products that are Visa payWave-enabled. Point-of-sale locations that can process contactless payments will feature a contactless symbol on terminal readers in addition to the Visa Brand Mark.
Visa connects cardholders, merchants and financial institutions through the world's largest electronic payments network. Visa products allow buyers and sellers to conduct commerce with ease and confidence in both the physical and virtual worlds. Visa is committed to the sustained growth of electronic payment systems to support the needs of all stakeholders and to drive economic growth.
Visa products currently generate more than $4 trillion in sales volume worldwide. Visa enjoys unsurpassed acceptance around the world. In addition, Visa/Plus is one of the world’s largest global ATM networks, offering cash access in local currency in over 170 countries. For more information, visit www.corporate.visa.com.