Apr 12, 2006

Visa brings fast transaction feature to all cards, not just contactless

It has always been clear to me that the primary benefit of contactless is much more in the business rules than in the technology. Eliminate the need for a signature and transactions are all of a sudden real fast. I often wondered why the associations weren’t applying the same business rules to all cards, not just contactless. Now they are.

Visa announced yesterday a major program to boost card usage for small purchases, called No Signature Required. The benefits are clear and simple, and the cards are already in everyone’s hands, so merchants should jump on board very quickly. Visa estimates that by the end of the year, 27 percent of all transactions on its cards may qualify for the No Signature Required program.

Welcome has been anticipating exactly such a development. All of our work on contactless was designed to bring the same fast transaction benefits to standard EMV contact cards. So customers and merchants can enjoy fast transactions with any card technology that is used.

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