PR - Visa Unveils New Contactless Payment Device

Visa announced today the availability of the Visa Micro Tag, a new key fob payment device embedded with Visa payWave, Visa’s contactless technology feature. The Visa Micro Tag is designed to easily attach to a key ring, and allows cardholders to pay by simply waving their Visa Micro Tag in front of a contactless payment terminal without the need to physically swipe or insert the device into a point-of-sale terminal.

The Visa Micro Tag allows financial institutions to offer cardholders a companion device to an existing credit, debit or prepaid account. Designed to be small and durable, the Visa Micro Tag makes paying for purchases faster and more convenient.

Visa Micro Tags display the Visa Brand Mark and contactless indicator. A Visa account number is not required to be embossed or printed on the device, providing an additional layer of security for consumers carrying a Visa Micro Tag in visible ways, such as on a keychain.

"Consumers today are interested in using electronic forms of payment for small ticket purchases," said Pam Zuercher, vice president, product innovation and coordination, Visa USA. "As one of the smallest payment devices, the Visa Micro Tag allows cardholders to carry a payment device that delivers fast and convenient transactions, while also providing an added layer of security."

Visa Micro Tags can be easily manufactured and personalized as part of an automated manufacturing process similar to that of standard cards. This helps issuers control costs while more readily providing an exciting new payment choice to Visa cardholders. The Visa Micro Tag can also be made into a variety of shapes and sizes from flat to three-dimensional delivering innovative payment product design options.

To celebrate the debut of the new payment form factor, Visa Micro Tags loaded with $15 will be distributed to the first 1,000 San Francisco Giants fans entering AT&T Park’s Field Club level September 26, 2007. In addition to distributing the Visa Micro Tags, Visa ambassadors will educate baseball fans on how the device works and encourage trial at concession stands located throughout the stadium.

Since its introduction in 2005, Visa’s contactless technology has grown rapidly in popularity. Customers with Visa payWave cards in the U.S. enjoy the convenience of not having to sign for payments under $25, a feature that also benefits merchant locations where speed is important and where cash has been the traditional means of payment. The technology is already in use at convenience stores, sporting venues, gas stations and fast food restaurants nationwide.

Cardholders with Visa payWave-enabled products receive all the same security protections the industry has come to expect from Visa, including zero liability for fraudulent charges and Visa’s multiple layers of security technology. Cardholders making purchases with Visa payWave-enabled products enjoy additional layers of security because the payment device never leaves the customer’s hand, can only be read at extremely close proximity to a reader, and submits a unique digital watermark to the Visa payment network for each transaction.