Visa payWave
Visa payWave is a quick and convenient payment method that eliminates direct contact at the merchant terminal; it’s faster and more convenient than cash and as secure as traditional Visa card transactions. By simply holding a Visa payWave-enabled card, Micro Tag or mobile phone close to a contactless card reader, consumers can complete a Visa transaction in seconds. There is no fumbling for cash and cardholders remain in possession of their Visa card at all times. Banks have issued millions of Visa payWave cards worldwide.
The Contactless Opportunity
With consumers increasingly using their payment cards to make small-ticket purchases, contactless payments such as Visa payWave are becoming more and more popular at many merchant locations worldwide. This includes quick service restaurants, gas stations, convenience stores, public transportation and taxis.
How Visa payWave Works
Visa payWave-enabled products are issued with both the conventional chip or magnetic stripe for contact transactions and the embedded chip with Visa payWave technology. Visa has adopted visual symbols to indicate Visa payWave payment functionality on cards and terminals. The Visa payWave indicator must be shown on the front of the card and on the reader at the point of sale (POS).
To use Visa payWave, the consumer simply waves the card or device in front of the contactless payment terminal. The reader receives the Visa payment information and then processes the transaction as any other standard Visa magnetic stripe or chip card transaction. A cardholder signature or PIN may or may not be necessary, depending on local requirements and participating merchants.
Transaction Security
Visa has high security standards and risk management processes in place to protect Visa transactions, and Visa payWave-enabled payments are no exception. Each Visa payWave-enabled card contains a tiny computer chip that sends payment information to a contactless card reader via short-range radio frequency waves. The information includes an encrypted security code that is unique to each transaction. In addition to the same consumer and merchant protections offered on all Visa transactions, Visa payWave-enabled products are designed to be read when in close proximity (1-2 inches) to a contactless point-of-sale reader, and the card or device never leaves the customer's possession when used in a contactless transaction.
February 2008
The Contactless Opportunity
With consumers increasingly using their payment cards to make small-ticket purchases, contactless payments such as Visa payWave are becoming more and more popular at many merchant locations worldwide. This includes quick service restaurants, gas stations, convenience stores, public transportation and taxis.
How Visa payWave Works
Visa payWave-enabled products are issued with both the conventional chip or magnetic stripe for contact transactions and the embedded chip with Visa payWave technology. Visa has adopted visual symbols to indicate Visa payWave payment functionality on cards and terminals. The Visa payWave indicator must be shown on the front of the card and on the reader at the point of sale (POS).
To use Visa payWave, the consumer simply waves the card or device in front of the contactless payment terminal. The reader receives the Visa payment information and then processes the transaction as any other standard Visa magnetic stripe or chip card transaction. A cardholder signature or PIN may or may not be necessary, depending on local requirements and participating merchants.
Transaction Security
Visa has high security standards and risk management processes in place to protect Visa transactions, and Visa payWave-enabled payments are no exception. Each Visa payWave-enabled card contains a tiny computer chip that sends payment information to a contactless card reader via short-range radio frequency waves. The information includes an encrypted security code that is unique to each transaction. In addition to the same consumer and merchant protections offered on all Visa transactions, Visa payWave-enabled products are designed to be read when in close proximity (1-2 inches) to a contactless point-of-sale reader, and the card or device never leaves the customer's possession when used in a contactless transaction.
February 2008