Visa has announced that it will launch contactless “wave
and pay” cards for small transactions across the UK.
The cards will allow holders to pay for every day low value
items, such as snacks or newspapers by waving a secure, contactless
card over a reader in participating shops. The “wave and pay”
transactions will significantly cut transaction time forretailers
and consumers, Visa said.
The company said the contactless payment cards had been made
possible by the introduction of chip and Pin technology across
Europe, which has brought added security to traditional card
transactions.
When the card is waved over a reader, payment instructions are
securely exchanged between the contactless chip card and the
acceptance terminal using wireless communication technology. The
new cards will allow payments to be processed in half a second.
Visa and its member banks are now seeking the support of
retailers for the scheme. The company aims to introduce the
contactless payment cards in London and extend them across the
country by the end of next year.
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