Visa payWave

As technology evolves at an ever-increasing pace, the concept of Visa payment is expanding beyond swiping a card through a point-of-sale reader to a world of new opportunities.  Merchants can now take advantage of increased speed and convenience through Visa payWave —the latest evolution in Visa payment. 
 
Visa payWave is a form of contactless payment that removes the need to physically swipe or insert a smart card into a payment reader.  By simply holding the Visa payWave card at a close range of 4cm from the reader, the card will be detected.  Visa payWave is a fast and simple way for consumers to make payment.  No signature is required and there is no need to hand the card to the cashier – consumers simply wave, pay and go.

How it works

The Visa payWave card builds on the existing global EMV smart card standard that is currently being adopted by card issuers and acquirers around the world and in Asia Pacific.  Payments are done via Radio Frequency (RF), much like the ‘tap and go’ cards that are increasingly used in mass transit environments.  There is an antenna – a thin copper wire inside the Visa payWave card – that transfers payment information quickly and securely through the RF signal to a reader connected to the merchant’s point-of-sale terminal.

The cardholder's account is charged, and the purchase is processed in the same manner as a swiped transaction. All Visa payWave Cards also have the standard magnetic stripe, so they also work with traditional card readers.

		Merchant terminal is enabled with contactless technology.				Consumer holds card in front of reader and terminal light indicates card has been read.

		Transaction is completed like any card payment.

Watch for the following indicator on Visa cards to know if it has the wave feature:

Benefits

Visa payWave provides merchants and consumers with a number of benefits. 
 
For your consumers
 

• Requires no signature and no card exchange at the point-of-sale
• Empowers cardholders with greater convenience, choice and flexibility in paying for goods and services
• Functions as a 3-in-1 card: Visa payWave can be used not only as a contactless card at places where the Visa payWave logo is displayed, but also as a regular Visa card worldwide.

• Decreased transaction time – Visa payWave transactions are faster than cash transactions.  Greater speed of handling payment helps to reduce queues and enable staff to attend to other customers more quickly
• Reduction in coin/cash handling
• By taking advantage of industry-wide standard for smart cards, EMV, acts as a powerful tool against counterfeiting and fraud
• Enhances customers’ satisfaction with a modern, fast and convenient way to pay.
• Enhances customers’ satisfaction with a modern, fast and convenient way to pay. Attracts new customers and builds loyalty with an innovation that adds speed and convenience, leading to greater customer spend
• Delivers competitive advantage to merchants in categories like fast food restaurants where speed and convenience are compelling benefits

Technical features

• Contains a Visa Smart Debit Credit (VSDC) chip and therefore functions as full Visa credit/debit card
• Builds on the global EMV smart card standard
• Uses dynamic data authentication (DDA) cryptographic processors, defined in EMV specifications, to authenticate the card
• Combi card: single chip with dual contact and contactless interfaces, ISO/IEC14443 (A/B)

Getting started

Simply contact your acquirer for details about getting started with Visa payWave.