Wells Fargo Goes Contactless
Wells
Fargo Goes Contactless
Wells Fargo announced today that it would begin offering Visa
Contactless, a radio frequency credit card processing chip,
in its Platinum and Signature Visa cards starting in the second
half of this year. Visa Contactless allows cardholders to hold
their cards near a secure reader to check out instead of swiping
the cards or handing them to a cashier. In addition, cardholders
will not be required to provide a signature for most purchases
under $25, and contactless merchants will not have to provide
a receipt for purchases under $25 to cardholders (unless requested
by the cardholder).
Cardholders
also still be able to use their cards in the traditional wayas
well.
According
to Brian Triplett, senior vice president of emerging product
development at Visa, "Almost 4.5 million Visa cards are
equipped with the contactless feature and more than 30,000 merchant
locations in the U.S. accept contactless payments."
MasterCard
has been actively rolling out a competing product to Visa Contactless
with its PayPass card technology.
