Wells Fargo, the US financial services company, plans to roll out two new credit cards using Visa contactless technology in the second half of 2006.
The US-based company said the new cards, the Wells Fargo Visa Platinum Credit Card and Visa Signature Credit Card, can be used for payments under $25 when the customer holds the card near a reader at the checkout as opposed to swiping them or handing them to a cashier. The cards can also be used in the traditional way for larger payments.
The new cards have built-in security with the WellsProtect program where cardholders are protected against any unauthorized transactions. Wells Fargo ATM, ATM & check card and credit cards are all covered by the WellsProtect program.
Because transactions are faster and more convenient for consumers and merchants, Visa Contactless technology has enjoyed one of the fastest adoptions rates of a new payment technology, said Brian Triplett, senior vice president of emerging product development at Visa.
Around the world, almost 4.5 million Visa cards are equipped with the contactless feature and more than 30,000 merchant locations in the US accept contactless payments. We are excited to have Wells Fargo join us in bringing contactless to its extensive customer base, Mr Triplet added.
Visa Contactless is enabled by radio frequency (RF) technology. The Visa Contactless RF payment chip uses the highest level encryption allowed by the federal government. The chip contains the same minimal personal information found on a traditional magnetic stripe card – just the account number and cardholder’s name.